Venezuela looking to sign 105 oil contracts by end of year-head of PDVSA

Venezuela is looking ​to sign 105 oil ‌contracts by ​the end of the year, Hector Obregon, the head of state-run oil company ‌PDVSA, said on Friday, and some 70% 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 the administration of U.S. President Donald Trump - has already signed 61 contracts, Obregon added, and has 44 pending.

"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.