Venezuela Shuffles Oil Leadership: New Visions for PDVSA

Venezuela's government has overhauled its oil sector leadership, replacing several vice-ministers and reshuffling the board of state oil company PDVSA. These changes follow a recent cabinet reshuffle, with new appointments aiming to boost oil production and exports under improved conditions and U.S. licenses to joint venture partners.

Venezuela's government has undertaken a significant reorganization of its oil sector leadership. This includes the replacement of several vice-ministers and the board of state oil company Petróleos de Venezuela, S.A. (PDVSA), as confirmed by the official gazette released on Wednesday.

These changes come on the heels of last week's cabinet reshuffle. Notably, the oil ministry is now part of Vice President Delcy Rodriguez's portfolio, and Hector Obregon has been appointed as the new president of PDVSA. Key positions have also been filled with new leaders, including Carlos Canelon for refineries and petrochemicals, Eduardo Ramirez for the oil ministry's integration and international affairs, Luis Gonzalez as vice-minister of gas, and Paula Henao heading hydrocarbons.

Moreover, new leadership has been installed at PDVSA's gas subsidiary and the state petrochemical company Pequiven. Several vice-presidents and board members, such as Marco Magallanes, Eduardo Pinto, and Christiam Hernandez, have also been appointed to drive exploration, production, and financial strategies.

This restructuring follows former oil minister Pedro Tellechea's efforts to boost production by enhancing conditions for staff and securing U.S. licenses for joint venture partners, which have slightly improved PDVSA's output and exports over the past year.

(With inputs from agencies.)