During the CERAWeek 2026 energy conference in Houston on 24 March 2026, Venezuelan opposition leader Maria Corina Machado called for a overhaul of the country’s energy sector to attract the estimated $150 billion in investment needed to restore production.
Machado’s proposal centers on creating a “transparent, private investment–friendly environment” to boost oil output from its current ~1 million barrels per day to a potential 5 million barrels per day.
Machado is pushing for a new oil law that provides greater contract security and long-term legal safeguards for investors.
She advocates for the full privatisation of the oil industry, proposing that the state-run company PDVSA be significantly reduced in size and its operations transferred to the private sector.
Unlike other assets, Machado insists that Citgo Petroleum (PDVSA’s U.S.-based refining arm) must remain in Venezuelan hands, calling it a “strategic asset” for both Venezuela and U.S. energy security.
Investor Protections: Her plan includes allowing investors to book reserves, providing access to international arbitration, and opening the electricity sector to private companies.
To combat corruption, she supports continued Washington-led supervision of oil revenues through U.S. Treasury-handled bank accounts during the transition period.
Context of the Proposal
Machado’s pitch comes at a time of significant political shifts in Venezuela, following reports of the capture of Nicolás Maduro in early 2026 and the subsequent formation of an interim administration led by Delcy Rodriguez. While the U.S. has recently issued general licenses authorizing transactions with PDVSA, major energy executives, including those from Chevron and ConocoPhillips, have echoed Machado’s sentiment that further legislative changes and fiscal “rewiring” are necessary to secure large-scale, long-term capital.
Note by Alessandro Bazzoni