PDVSA says production from 17 strategic fields to exceed 1.5 MMb/d

HOUSTON, TEXAS (By Ofelia Paredes, Editores LatinPetroleum, 1.Sep.2026, Words: 176) — Venezuela’s strategic objective in the national energy policy space is to transform the potential of reserves into real productive capacity.

This, according to state-owned PDVSA.

ANALYSIS: TO HELL WITH FREE AND FAIR ELECTIONS IN VENEZUELA, THERE IS OIL TO DEVELOP

To this end, the recently announced bilateral agreement on hydrocarbons between Venezuela and the US aims to address this goal, “providing the capital, technology, and infrastructure necessary for its implementation,” the energy giant said on 1 Sep. 2026 in an official statement.

Signed for 25 years, the project envisions development of 17 strategic fields and 8 greenfield blocks in the Orinoco heavy oil belt, also known as the Faja, with a production target exceeding 1.5 million barrels per day (MMb/d) and estimated revenues are expected to exceed $209bn for Venezuelan state coffers.

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