Venezuela: Venezuela is looking to sign 105 oil contracts by the end of the year, Hector Obregon, the head of the state-run oil company PDVSA, said on Friday, and some 70 per cent of contracts are for green, or new, fields.
The country, which, since the January ouster of President Nicolas Maduro, has been reopening its energy sector to foreign investment with the backing of U.S. President Donald Trump's administration, has already signed 61 contracts and has 44 pending, Obregon added.
"The objective is to close 105 definitive contracts signed before December 2026," Obregon said during a panel at business event in Caracas.
The country's oil production will reach 1.5 million barrels per day at close of 2027, he added, up from 1.2 million bpd currrently.
PDVSA's refineries, where fires, power interruptions and outages are common, are processing 350,000 bpd, which Obregon said was enough to supply the domestic market with gasoline even as demand grows alongside economic growth.
The company hopes to raise that figure to 500,000 or 600,000 bpd next year, he said.
PDVSA is restarting its Cardon refinery after a fire earlier this week.