VALENCIA/CARACAS, (Reuters) - The new CEO of Venezuelan state-run PDVSA is targeting endemic corruption at the financially troubled oil company while hoping to win over its 95,000 workers, a move critical to securing much needed cash for the country, home to the world's largest crude reserves.

Pedro Tellechea, a 47-year-old mechanical engineer, took command of PDVSA in January and quickly suspended the OPEC country's exports and reviewed sales that had left $21.2 billion in income uncollected.

Two months later, President Nicolas Maduro disclosed an anti-corruption investigation that since has led to the arrests of over 60 officials and businessmen and the resignation of the once-powerful oil minister. Among the probe's findings: some $3.6 billion of the uncollected sales might be lost forever.

Ahead of key elections, Maduro needs a trustable and creative official capable of skirting strict U.S. sanctions to reanimate shriveling oil production, bring back investment and stop a brain drain in an industry that a decade ago provided billions of dollars per year to the nation.

Tellechea, a decorated army colonel with little experience in the energy industry, was put in charge of two of Venezuela's most powerful institutions PDVSA and the oil ministry - while retaining oversight of state petrochemical firm Pequiven.

At Pequiven, he brought in cash for state coffers by helping partners maintain exports amid U.S. sanctions, said Antero Alvarado from Caracas-based consultancy Gas Energy Latin America. He also led the takeover of a Colombia-based fertilizer firm previously controlled by Venezuela's opposition.

But re-invigorating stagnant, heavily sanctioned PDVSA, which is 10 times larger than Pequiven, could take billions in investment, solid leadership, and may even require a rebound in global oil prices, say analysts.

Tellechea's predecessors failed to restore PDVSA to financial health. Now such efforts are seen as critical for securing the country's most important source of hard-currency revenue.

To get the job done, he has appointed young executives to PDVSA's most critical roles, sweeping away those tied to previous CEO Asdrubal Chavez.