Venezuelan Opposition Leader Seeks Energy Investment at Houston Conference

Venezuelan opposition figure Maria Corina Machado addressed energy investors in Houston, advocating for greater transparency and investment security to boost the country's oil production. She outlined plans to potentially increase Venezuela's daily oil output from 1 million to 5 million barrels with significant private investment.

HOUSTON, March 24 – Venezuelan opposition figure Maria Corina Machado addressed energy industry leaders in Houston this week, advocating for enhanced transparency and investment protections to revitalize her country’s struggling oil sector.

Speaking at the CERAWeek energy conference, Machado expressed optimism about growing international interest in Venezuelan petroleum resources while emphasizing the need for stronger legal frameworks and contract protections.

“I’m here to attract attention to Venezuela, not delay it,” Machado stated during an interview prior to delivering her conference presentation.

The opposition leader outlined an ambitious vision for Venezuela’s energy future, suggesting the nation could potentially reach daily oil production of 5 million barrels with proper investment and infrastructure development. This would represent a dramatic increase from current output levels of approximately 1 million barrels per day and would require an estimated $150 billion in capital investment.

Machado’s strategy includes significantly downsizing the state-controlled oil company PDVSA while transitioning operations to private sector management. Despite this privatization approach, she emphasized the importance of maintaining Venezuelan control over Citgo Petroleum, the Houston-based refinery currently owned by PDVSA.

“Losing Citgo would be damaging to Venezuela and an error for U.S. energy security,” she explained.

Regarding ongoing legal proceedings that could result in Citgo’s parent company being auctioned to satisfy creditor claims, Machado remained hopeful about preventing such an outcome.

“Until the last out, in the last inning, there’s a possibility,” she said, using a baseball metaphor to describe the ongoing court battle.