HOUSTON, March 24 (Reuters) – Venezuela opposition leader Maria Corina Machado believes early interest in Venezuela’s oil sector is positive but called for more transparency and contract security – including a new oil law – to further increase crude and gas output.
“I’m here to attract attention to Venezuela, not delay it,” she said in an interview before her afternoon speech at the CERAWeek energy conference in Houston.
Machado said that the country could eventually produce as much as 5 million barrels of oil a day, with $150 billion in investment needed. The country currently produces about 1 million barrels a day.
She sees Venezuela’s state run oil company PDVSA eventually being reduced in size before transfering operations to the private sector. However, she wants Houston-based oil refiner Citgo Petroleum – owned by PDVSA – to remain in Venezuela’s hands as a strategic asset.
“Losing Citgo would be damaging to Venezuela and an error for U.S. energy security,” she said.
“Until the last out, in the last inning, there’s a possibility,” Machado continued, refering to court proceedings to auction Citgo’s parent company to creditors.
(Reporting by Marianna Parraga and Nathan Crooks in Houston; Editing by Nathan Crooks)
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