Venezuelan Oil Minister Paula Henao announced to investors in Houston that Venezuela is prepared to sign production-sharing contracts to significantly boost crude oil output from its extensive reserves. Speaking at a conference on August 19, 2026, Henao highlighted 916 areas within Venezuela that are open for exploration and production. While the country is renowned for its heavy crude, she emphasized opportunities in light and medium crudes, as well as natural gas.
Henao stressed the necessity of these agreements to access these new exploration areas, stating, "We need to reach these agreements in order to reach these new areas." She further enticed investors by proclaiming, "We have a whole world there to discover for you."
The push for investment comes as Venezuela seeks to move away from its historically state-dominated operating model and increase the role of private companies. This aligns with recent regulatory reforms aimed at expanding opportunities for private investment across the hydrocarbon value chain. The country is targeting a long-term recovery to 3 million barrels per day (MMbpd) from its current production of approximately 1.25 MMbpd, which will require substantial investment in mature-field redevelopment, infrastructure, and technology. Venezuelan state-owned oil company PDVSA's Executive Vice President Jovanny Martínez also underscored the need for investment in the country's aging energy infrastructure, particularly the natural gas network, to improve reliability and capacity. Martínez highlighted the importance of promoting investments and finding association schemes to realize Venezuela's ambitions, noting that the country already has an extensive gas infrastructure base that requires further investment for improvement and increased production.
