Venezuela says it could quintuple oil production under democratic government

Venezuelan opposition leader Maria Corina Machado believes that oil production in Venezuela could increase fivefold "with a transition to a democratic government and comprehensive reform of the oil sector.

According to Politico, Machado made the remarks during a presentation to oil company executives at the CERAWeek conference by S&P Global in Houston.

During her speech, Machado thanked the US administration “for the first steps” in transforming Venezuela and called for continued efforts, including “free and fair elections and a transition to a democratically elected government.” She noted that organising elections could take at least nine months.

Machado said that increasing oil production would require around $150 billion in investment over the next decade. Her proposed reform envisions closing the state-owned oil company and transferring the oil and gas sector to private ownership. International oil companies would control production independently while paying fixed taxes and royalties to Venezuela.

In early March, Machado stated that she plans to return to Venezuela “in the coming months,” with presidential elections in the country potentially taking place this year.