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This declaration was made by PDVSA's Chief Executive Officer, Hector Obregón, during public talks on the revision of the hydrocarbon law at the Puerto La Cruz refinery.
Obregón highlighted that the reform is intended to set up the right legal environment for investors to collaborate with PDVSA in increasing oil output. He also conveyed confidence that the changes will be passed by the Venezuelan parliament in its second review.
The hydrocarbon law reform was launched by Acting President Delcy Rodríguez. She presented the plan while engaging in talks with the United States, which occurred after Venezuelan President Nicolás Maduro was detained by US military forces.
It was mentioned that the reform aims to include the "Chevron model" and other partnership frameworks for developing oil fields into the legislation, as well as to safeguard the rights of investors operating under these arrangements.
Previously, Rodríguez noted that the country achieved a daily production of 1.2 million barrels in December 2025 and 1.167 million barrels in November.
source: reuters.com
Obregón highlighted that the reform is intended to set up the right legal environment for investors to collaborate with PDVSA in increasing oil output. He also conveyed confidence that the changes will be passed by the Venezuelan parliament in its second review.
The hydrocarbon law reform was launched by Acting President Delcy Rodríguez. She presented the plan while engaging in talks with the United States, which occurred after Venezuelan President Nicolás Maduro was detained by US military forces.
It was mentioned that the reform aims to include the "Chevron model" and other partnership frameworks for developing oil fields into the legislation, as well as to safeguard the rights of investors operating under these arrangements.
Previously, Rodríguez noted that the country achieved a daily production of 1.2 million barrels in December 2025 and 1.167 million barrels in November.
source: reuters.com