María Corina
Machado. Venezuelan opposition leader. Industrial engineer
specialized in Finance from IESA and graduate of the World Leaders in Public
Policy Programme at Yale University in the United States.
An “extensive privatization programme”
of the oil sector is one of the main proposals of Maria Corina Machado,
who assures that, in this way, production will recover, and
Venezuela will become the energy “hub” of the Americas, by becoming a “stable,
safe and reliable provider.”
Privatization, in her opinion, will satisfy
“pressing needs of the population,” improve the salaries and working conditions
of oil workers and allow for “job creation,” since companies will require
Venezuelan “engineers, technicians, employees and workers.”
The proposal focuses on revitalizing oil and
gas production by attracting specialized international and national companies.
Venezuela ranks among the countries with the largest reserves of oil and
natural gas worldwide. According to the Organization of the Petroleum Exporting
Countries (OPEC) and the International Energy Agency (IEA), Venezuela holds
reserves of more than 300 billion barrels of oil and 195,2 trillion cubic feet
of natural gas. The goal is to steadily increase production to take full advantage
of the current global demand for hydrocarbons.
Because the investment required far exceeds
what the Venezuelan State can provide, attracting private capital becomes
essential, and privatization is the chosen strategy. All feasible productive
activities in the industry will be privatized to secure massive private
investments, ensuring a sustained increase in production under conditions that
guarantee legal security and an attractive environment for investors.
The State will continue to collect fiscal
revenues through royalties and taxes while establishing conditions that enable
private companies to boost production as quickly as possible. In addition, a
dedicated Venezuelan Energy and Petroleum Agency will be created to serve as
the industry’s regulatory body. Privatizing the oil sector is expected to
restore Venezuela’s reputation as a safe and reliable supplier, while
simultaneously offering excellent investment opportunities.
A comprehensive programme is also proposed to
privatize public companies and assets, thereby relieving the State of hundreds
of inefficient business activities that burden the public sector and drain
immense resources through subsidies. This urgency stems from the proliferation
of state-controlled business entities—resulting from numerous nationalizations
since 2007 and the disorganized creation of new public entities—which now
suffer from severe financial difficulties as well as technical and operational
deficiencies.
The funds raised through the privatization
programme will finance a massive investment initiative aimed at reactivating
economic growth, enhancing the well-being of the population, and increasing the
nation’s productive capacity. An efficient and transparent privatization
process—based on international best practices—will help reshape public
spending, stimulate productivity, and generate increased tax revenues.
The Programme’s Four Fundamental Objectives are:
Optimize State Assets: Transfer state-held companies and
assets to the private sector to improve both the quantity and quality of goods
and services. Private sector management will bring in essential capital,
expertise, and technology.
Strengthen Financial Balance: Improve the Republic’s financial
management by leveraging underutilized yet valuable companies and assets. This
will help reduce the burden of a significant external debt and its associated
interest costs.
Enhance Fiscal Stability: Contribute to a balanced fiscal
account, which in turn will promote macroeconomic stability and economic growth
by reducing the drain on scarce public funds caused by inefficient public
enterprises.
Focus on Core Functions: Allow the State to concentrate
on non-transferable or non-delegable responsibilities, while also considering
private management for public services where appropriate.
MEDIUM- AND LONG-TERM VISION
Venezuela is set to become the Energy Hub of
the Americas with a global impact by harnessing both its abundant hydrocarbon
resources and its vast renewable energy potential. The country aims to
re-establish itself as a leading player in the production and refining of
hydrocarbons through the privatization of its oil and gas industry.
At the same time, the nation will revive and
develop its extensive renewable energy resources—including hydroelectric,
solar, and wind energy, as well as the emerging field of hydrogen energy—to
complement oil and gas production. This combined energy strategy is intended to
position Venezuela as a major continental and global energy centre.
Specifically, the country’s hydroelectric potential will be prioritized to boost the contribution of clean and sustainable energy to national electricity consumption and for export. The hydroelectric system in the lower Caroní (including plants such as Guri, Macagua, and Caruachi) currently has an installed capacity of approximately 15,000 MW, while all hydroelectric plants together total around 17,000 MW. In addition, the long-delayed Tocoma plant will be assessed for completion, as it could provide an extra 2,000 MW of clean energy.
Although the country’s peak demand in 2013
could have been almost entirely met by its existing hydroelectric capacity,
current output is only about 50% due to insufficient investment, maintenance,
and management. Revitalizing the hydroelectric system is therefore a top
priority for establishing a national clean energy matrix.
Venezuela also offers significant opportunities
for the development of solar and wind energy across vast areas. Private
investment in these sectors will be encouraged to further enhance their share
in the national energy mix.
Additionally, research and investment in
hydrogen production for energy applications will be promoted. With substantial
investment from both the private sector and the State, Venezuela’s combined
hydroelectric and wind energy capacity could exceed 75,000 MW—a figure several
times higher than current national consumption.
Furthermore, Venezuela has a thermal generation
potential of nearly 20,000 MW, even though only about 10% is currently
operational. This diversified energy portfolio would enable the country to
become a major exporter of renewable energy to neighboring nations. For
context, the country’s energy demand has fallen from a peak of 18,600 MW in
2013 to about 12,400 MW due to the economic downturn.
Nevertheless, the proposed expansion will spur
increased demand, and the country’s overall generation capacity will not only
satisfy domestic needs but also produce a significant surplus for export. This
comprehensive energy restoration and development strategy will position
Venezuela as a premier international player and a dependable supplier to
countries that can benefit from its energy potential.
Finally, a domestic gas pipeline programme will
be progressively implemented in Venezuelan cities. This initiative will
leverage the nation’s vast gas reserves through a combination of private
investment and targeted public infrastructure spending in areas where private
investment alone is not commercially viable.
REFERENCES
MARÍA
CORINA MACHADO: GOVERNMENT PROGRAM
VENEZUELA
LAND OF GRACE
Freedom,
Democracy and Prosperity
https://drive.google.com/file/d/12AyJy2IhZsMe9Y3joW4y2aX_hS-ygnD6/view
VENEZUELA TIERRA DE GRACIA
La propuesta de María Corina para transformar Venezuela
La propuesta de María Corina para transformar Venezuela
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