HOUSTON – Opposition leader Maria Corina Machado urged greater transparency and a new oil law to unlock Venezuela’s crude potential, hailing early investor interest as a positive step during her CERAWeek speech on Tuesday.
“I’m here to attract attention to Venezuela, not delay it,” Machado told reporters beforehand. She envisions ramping production to 5 million barrels per day from the current 1 million, requiring $150 billion in investments. To achieve this, she advocates shrinking state-run PDVSA and shifting operations to private hands.
Machado stressed retaining control of Houston refiner Citgo Petroleum, PDVSA-owned, as a strategic asset. “Losing Citgo would be damaging to Venezuela and an error for U.S. energy security,” she warned, noting ongoing court battles could still auction its parent to creditors. “Until the last out, in the last inning, there’s a possibility.”
Her pitch comes as Venezuela seeks to revive its vast oil reserves amid political turmoil and sanctions, positioning the opposition as a pro-business alternative to boost output and economic recovery.