CVP Strategic Outlook: Partnership Excellence and Sustainable Growth

Corporación Venezolana del Petróleo, S.A. (CVP) serves as the strategic executive arm of PDVSA, tasked with managing the State’s equity interests in joint ventures. Our mission is to maximize the value of Venezuela’s hydrocarbon resources through world-class partnerships, operational efficiency, and technological integration.

Strategic Joint Ventures (Empresas Mixtas)

The core of our strategy lies in the robust management of Joint Ventures. We are committed to:

  • Attracting Global Investment: Creating transparent and stable frameworks for international energy leaders to invest in Venezuela’s vast subsoil.
  • Long-term Alliance Sustainability: Extending and strengthening contracts with key global partners (e.g., Chevron, Repsol, Eni) to ensure production continuity and financial stability.
  • Flexible Governance: Implementing agile management models and optimized fiscal frameworks to enhance project profitability and investor confidence.

Development of the Orinoco Oil Belt

We focus on the holistic development of the world’s largest extra-heavy crude reserves:
  • Production Scaling: Driving joint venture output to meet national targets of 1.2 – 1.3 million barrels per day by 2025–2026.
  • Upgrader Modernization: Investing in the technological overhaul of crude upgraders to convert extra-heavy oil into high-demand commercial blends like Merey.

Market Expansion and New Horizons

CVP is actively diversifying its global footprint to adapt to the evolving energy landscape:
  • Global Export Diversification: Expanding and consolidating our market share in Asia, Europe, and emerging economies.
  • Gas Sector Leadership: Licensing and developing major offshore gas fields to position Venezuela as a regional hub for clean energy and natural gas exports.

Innovation and Sustainability

CVP integrates modern industry standards into its operational DNA:
  • Enhanced Oil Recovery (EOR): Deploying cutting-edge extraction technologies to maximize yield from mature and heavy-oil reservoirs.
  • Energy Transition Integration: Exploring ways to integrate renewable energy into production processes to reduce the carbon footprint of our operations.
  • Social Responsibility: Actively contributing to the socio-economic development of local communities through strategic social investment programs.