Venezuela's PDVSA Sets Ambitious Oil Production Targets Amid Infrastructure Recovery Effort

PDVSA, Venezuela's state-owned oil company, has outlined its plan to recover and expand its oil infrastructure. The goal is to reach a daily production of 1.3 million barrels by the end of this year and 1.5 million barrels in 2027.

The plan involves incorporating advanced technology, including automation systems, remote monitoring with artificial intelligence, and intelligent drilling and completions. Additionally, surface separation and water control technologies will be added to ensure crude quality standards.

PDVSA has also formed an alliance with General Electric (GE Vernova) aimed at recovering operational capabilities and implementing energy-efficient schemes that reduce direct demand on the National Electrical System (SEN). The 'island mode' energy sovereignty scheme will allow for more efficient and sustainable operation, according to PDVSA Executive Vice President Jovanny Martínez.

The massive recovery effort is expected to create over 100,000 new jobs, with each drilling rig operating in three daily shifts requiring 60 workers for direct tasks. The state company foresees incorporating at least 50,000 workers directly for rig operations and at least 70 rig workers per unit.