Venezuela aims to finalize 105 oil contracts by the end of 2026, with around 70% covering greenfield developments, as the country seeks to attract foreign investment into its energy sector, state-owned oil company PDVSA’s Chief Executive Hector Obregon said on Friday.

Speaking at a business event in Caracas, Obregon said the company had already signed 61 contracts, while another 44 remained pending.

The push comes as Venezuela reopens its energy sector to foreign investment following the ouster of President Nicolas Maduro in January, with support from US President Donald Trump’s administration.

Venezuela’s oil production is expected to reach 1.5 million barrels per day (mmbbl/d) by the end of 2027, up from around 1.2 mmbbl/d currently, Obregon said.

Meanwhile, PDVSA’s refineries are processing approximately 350,000 mmbbl/d, a level Obregon said was sufficient to meet domestic gasoline demand as economic growth drives consumption higher.

The company aims to increase refining throughput to between 500,000 and 600,000 barrels per day (bbl/d) next year, he added, despite recurring fires, power disruptions, and operational outages at its refining facilities.