Venezuela’s oil production reached 1.252 million barrels per day on 23 October, its highest level since 2019, according to state oil company Petróleos de Venezuela (PDVSA), as the government advances an energy agreement with the United States aimed at expanding output and attracting investment.
Eduardo Lorenzo Pinto Salazar, PDVSA’s vice-president for exploration and production, announced the figure during an operational review led from Caracas by Acting President Delcy Rodríguez, alongside US Chargé d’Affaires John Barrett. The review examined progress on projects linked to an energy agreement signed by the two countries in August.
Pinto Salazar said the industry had “truly broken the limits” it had faced in recent years, attributing the latest gains mainly to increased production in western Venezuela. Output in the region reached 382,500 barrels per day, while the Petrozamora joint venture in Zulia state reported record production of 115,000 barrels per day. Officials expect Petrozamora’s output to rise to 120,000 barrels per day by the end of the year.
The increase was reported during an inspection of oil fields along the eastern shore of Lake Maracaibo, Venezuela’s historic oil-producing region. PDVSA attributed the improvement to better operational performance, the rehabilitation of wells and closer coordination with joint ventures, including activity at the Bachaquero and Ceuta fields in Zulia.
Venezuela’s oil industry has suffered years of declining output linked to US sanctions, underinvestment, the loss of technical personnel, deteriorating infrastructure and restricted access to international markets. Production fell below one million barrels per day in recent years, according to independent estimates and OPEC data cited in the report.
The August agreement covers 17 oil fields with an estimated 65 billion barrels of proven reserves. According to the Venezuelan government, it includes eight undeveloped blocks in the Orinoco Oil Belt and nine fields in the Maracaibo Basin. Caracas says the plan could attract more than $100 billion in investment and generate over $209 billion in tax revenue across 25 years, with the stated objective of raising national production above 1.5 million barrels per day.
The arrangement grants North American Blue Energy Partners (NABEP) concessions to develop the fields for up to 100 years. The White House says the deal gives the United States majority control over more than 65 billion barrels of Venezuelan proven reserves. NABEP has also granted the US Department of War’s Office of Strategic Capital a 35% equity stake in its corporate parent. The US Department of State is entitled to purchase 20% of production at cost and holds a right of first refusal over the remaining 80%, according to the account.
Washington has presented the agreement as a means of securing a stable, low-cost oil supply and supporting the replenishment of its Strategic Petroleum Reserve. Venezuelan authorities describe it as a partnership based on sovereignty and mutual benefit, intended to finance industrial recovery and public services.
The deal has prompted debate over the duration of the concessions, transparency, national control of natural resources and how its benefits will be distributed. Supporters argue that foreign capital, technology and expertise could help rehabilitate the industry, while critics question the extent of US involvement. The full text of the agreement has not been made public, according to international media reports.
Rodríguez said oil revenues should provide stable incomes for workers and help restore essential services, including electricity, healthcare, education and drinking water. The government has identified these needs as priorities in Zulia, where communities have faced recurring power failures, water shortages and deteriorating public infrastructure.
