Author: Mariana Paraga and Nathan Crooks
HOUSTON (Reuters) – Venezuelan opposition leader Maria Corina Machado told Reuters on Tuesday that early interest in Venezuela’s oil industry was positive, but she called for greater transparency and contract security, including a new oil law, to further increase the South American country’s crude and natural gas production.
In January, Venezuela’s National Assembly approved an overhaul of the country’s main oil law after the United States captured President Nicolás Maduro. The new law gives foreign producers autonomy to operate and export OPEC’s oil, but many companies say more changes are needed to meet U.S. President Donald Trump’s goal of attracting $100 billion in investment.
“I’m here to draw attention to Venezuela, not drag it out,” she said in an interview ahead of a speech at the CERAWeek energy conference in Houston on Tuesday afternoon.
Machado said Venezuela could eventually produce as much as 5 million barrels of oil per day, requiring $150 billion in investment. In the long term, however, investors need Venezuela’s rule of law, independent institutions and respect for contracts, something Machado said the new government would support once the country holds presidential elections.
At the same time, Washington needs to monitor oil revenues to prevent corruption or misconduct, she said. The United States has controlled oil proceeds through bank accounts managed by the Treasury Department since January, and Venezuela’s government under interim President Delcy Rodriguez is working to restore output to the 1.2 million barrels per day that existed before the United States imposed a strict oil blockade to pressure Maduro.
investment safety
Asked whether investors should talk to her or the Rodriguez administration, Machado said it depends on whether investors “want to look to the past, or the future, before making a decision.” She said elections are coming and she is committed to and supports the strategy laid out by the U.S. government.
Asked whether interested investors should return immediately or wait, she said they “should be prepared and look for opportunities.”
Rodriguez said the country has enough protections in place to attract investment.
“You have guarantees, legal certainty, political security, stability and peace of mind so that your investments can be fully developed – not only in hydrocarbons where there are many opportunities, but also in mining,” Rodriguez told visiting investors at an event at the presidential palace in Caracas.
