Venezuela opposition leader Maria Corina Machado pushes for energy investment security, transparency

Record ID: 2369124

  • Title: Venezuela opposition leader Maria Corina Machado pushes for energy investment security, transparency
  • Date: 24th March 2026
  • Summary: HOUSTON, TEXAS, UNITED STATES (MARCH 24, 2026) (REUTERS) PEOPLE WALKING PAST CERAWEEK BANNER CERAWEEK BANNER (SOUNDBITE) (Spanish) VENEZUELAN OPPOSITION LEADER, MARIA CORINA MACHADO, SAYING: "Well, first of all, I believe that the right steps are being taken in a direction of opening up the country beyond the hydrocarbons sector, and we are seeing how a repressive structur
  • Embargoed:
  • Keywords: Ceraeweek Citgo Maria Corina Machado PDVESA Trump oil
  • Location: HOUSTON, TEXAS, UNITED STATES
  • City: HOUSTON, TEXAS, UNITED STATES
  • Country: US
  • Topics: North America,Government/Politics
  • Reuters ID: LVA001707624032026RP1
  • Aspect Ratio: 16:9
  • Story Text:Venezuela opposition leader Maria Corina Machado told Reuters on Tuesday that early interest in Venezuela's oil sector is positive but she called for more transparency and contract security, including a new oil law, to further increase crude and gas output in the South American country.
    In January, Venezuela's National Assembly approved a sweeping reform of the country's main oil law after the U.S. capture of President Nicolas Maduro this year. The new law grants foreign producers autonomy to operate and export the OPEC country's oil, yet many companies have said more changes are needed to reach U.S. President Donald Trump's goal of attracting $100 billion in investment.
    Machado said Venezuela could eventually produce as much as 5 million barrels of oil a day, with $150 billion in investment needed. Investors, however, need rule of law, independent institutions and respect for contracts in Venezuela in the long term, which Machado says would be granted by a new government once the country holds a presidential election.
    In the meantime, she said, Washington's supervision of oil revenue is needed to prevent corruption or wrongdoing. Since January, the U.S. has been controlling oil proceeds through bank accounts handled by the Treasury Department, and the Venezuelan administration of interim President Delcy Rodriguez is working to restore output to the 1.2 million bpd it was producing before a strict U.S. oil blockade was implemented to pressure Maduro.
    Machado said elections would come soon, and she is committed to and supportive of the strategy put in place by the U.S. administration.
    Asked if interested investors should return right now or wait, she said they “should be preparing, and looking for opportunities."
    Rodriguez has said that the country has sufficient protections to attract investment.
    Machado, a Nobel Peace Prize winner, said early interest in Venezuela's energy industry could facilitate further investment. An ongoing review of oil contracts, particularly of those signed under Maduro, also could provide trust, she added.
    Machado sees Venezuela's state-run oil company PDVSA, which currently controls all joint ventures in the country, eventually being reduced in size before transferring operations to the private sector. However, she wants Houston-based oil refiner Citgo Petroleum - owned by PDVSA - to remain in Venezuela's hands as a strategic asset.
    An auction of Citgo's parent company was completed last year but is now waiting for the final green light from the U.S. Treasury. Speaking about the process,Machado used a baseball analogy.
    (Production: Evan Garcia, Bernat Parera)
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