Venezuela Eyes Big Oil Growth but Demands Clear Rules

A prominent opposition figure in Venezuela is urging the nation to open its oil sector to new foreign investors, while demanding robust safeguards and clear contractual terms. She praised early interest from international firms as a positive sign but stressed that transparency and legal certainty must accompany any deal.

Production Goals: Venezuela could potentially reach a daily production of five million barrels, up from the current one million barrels, but would require approximately $150 billion in fresh investment.
State Oil Company Reform: The leader advocates reducing the size of the state oil company and transferring day‑to‑day operations to private entities. However, she insists that the U.S.-owned refinery Citgo—still under state control—remain in Venezuelan hands as a strategic asset. Losing Citgo could negatively impact both Venezuela and U.S. energy security.
Legal Uncertainties: She cited ongoing court battles that might compel the sale of Citgo’s parent company to creditors, noting that outcomes remain uncertain.

Her remarks come ahead of a major energy conference in Houston, where she plans to address these issues in depth.

Actions