PDVSA: Venezuela's State Oil Company Explained (2026)
PDVSA — Petróleos de Venezuela, S.A. — is Venezuela’s state-owned oil company, and the main source of the country’s income and foreign currency, as the U.S. Treasury put it when it sanctioned the company in 2019. Venezuela’s constitution keeps the oil industry under PDVSA or another state entity (Article 303, per CSIS), so foreign companies work with it through joint ventures and contracts. In October 2026 it was producing about 1.2 million barrels a day, according to its president, Héctor Obregón, who aims for 1.5 million by the end of 2027. It is not listed on any stock exchange.
PDVSA at a glance
| Owner | Venezuelan state |
| President | Héctor Obregón (since August 2024) |
| Oil output | ~1.2 million b/d (PDVSA, October 2026); 1,206,000 b/d reported to OPEC for September |
| Target | 1.5 million b/d by end-2027 |
| Refining | ~350,000 b/d; target 500,000–600,000 b/d in 2027 |
| Crude exports | 699,000 b/d in 2025 (OPEC) |
| Oil export revenue | $18.2 billion in 2025, 86% of Venezuela’s exports (OPEC) |
| U.S. status | Sanctioned since January 28, 2019; operating under U.S. general licenses |
Who runs PDVSA?
Héctor Obregón, a lawyer who previously worked at the Finance Ministry and the development bank Bandes, became president in August 2024, replacing Pedro Tellechea, per Reuters. He had joined PDVSA’s executive board the year before.
How much oil does PDVSA produce and refine?
On October 9, 2026, Obregón said output was 1.2 million b/d, with a goal of 1.5 million by the end of 2027. Refineries process about 350,000 b/d, and PDVSA wants 500,000 to 600,000 b/d next year; the Cardón refinery was restarting after a fire earlier that week, per Finanzas Digital. OPEC’s independent estimate for September was lower, at about 1.15 million b/d (Venezuela oil production).
PDVSA’s partners and contracts
PDVSA expects to sign 105 oil contracts by the end of 2026: 61 already signed and 44 in final negotiation, about 70% of them for undeveloped fields, Obregón said. They follow the January 29, 2026 reform of the Organic Hydrocarbons Law, which opened new forms of private participation, per the Congressional Research Service. The best-known partners:
- Chevron — three joint ventures and a $7 billion plan (Chevron in Venezuela).
- Eni — operator of Junín 5 since September 2026.
- Repsol — back in control of Petroquiriquire since April 2026.
- Shell — Punta de Mata framework agreement and the Dragon gas project.
- NABEP — the U.S.-backed private company in the August 2026 oil deal (the Venezuela oil deal).
U.S. sanctions on PDVSA
On January 28, 2019, the U.S. Treasury designated PDVSA, blocking its property under U.S. jurisdiction and generally barring U.S. persons from dealing with it. Treasury called the company “a vehicle for corruption.” Since then, U.S. companies have worked with it only under licenses. In 2026 the Treasury issued broader general licenses; under GL 52, payments owed to PDVSA must go into U.S. government-designated accounts, and bond and debt transactions remain excluded, per Mayer Brown.
CITGO and PDVSA bonds
- CITGO, the U.S. refiner, belongs to PDVSA through PDV Holding. A Delaware judge approved the sale of PDV Holding to Elliott’s Amber Energy for $5.9 billion in November 2025 to pay PDVSA’s and Venezuela’s creditors; closing depends on a U.S. Treasury license and appeals.
- PDVSA bonds: the bond backed by CITGO shares is in default; the sale includes $2.1 billion for its holders, per Pipeline & Gas Journal. U.S. licenses do not cover PDVSA debt transactions. ConocoPhillips is the largest creditor in the CITGO sale (ConocoPhillips in Venezuela).
What is not known
- PDVSA’s finances: it does not publish audited accounts regularly.
- How much it owes in total to bondholders, partners and arbitration winners.
- Whether the 1.5 million b/d target will be met by end-2027.
Where its oil is: the Orinoco Belt and Venezuela oil reserves.