Reuters reports acting President Delcy Rodriguez said the investment is expected under recently signed agreements.
Reuters reports that Venezuela expects nearly $76 billion in oil investment over five years under recently signed agreements, according to acting President Delcy Rodriguez. She also said a bilateral accord with the US includes plans to drill 250 rigs.
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Venezuela expects to attract nearly $76 billion in oil investment over the next five years under recently signed agreements, acting President Delcy Rodriguez said Saturday, according to Reuters.
The figure is a government projection, not money Venezuela has already received. Rodriguez said on national television that the investments would benefit the country and its partners.
Rodriguez said a bilateral agreement with the United States covers 17 oil fields and includes plans to drill 250 rigs. She described that pact as part of a wider package of 61 agreements signed by the parties.
Reuters reported that Venezuela has been reopening its energy sector to foreign investment since the January ouster of President Nicolas Maduro, with backing from President Donald Trump’s administration. The deals could help revive production in a country with the world’s largest proven crude oil reserves but output well below the levels recorded a decade ago.
The report did not identify the companies expected to provide the projected investment or give a schedule for deploying the planned rigs. Rodriguez’s announcement therefore sets out the government’s anticipated scale and direction for the agreements, rather than confirmed spending already underway.
Rodriguez also pointed to western Zulia state as evidence of a production rebound. She said output there had risen from 70,000 barrels per day to 370,000 barrels per day and could reach 400,000 barrels per day by the end of 2026.
Reuters noted that Rodriguez did not say over what period the increase from 70,000 to 370,000 barrels per day occurred. That missing timeline makes it difficult to measure the pace of the claimed recovery.
Venezuela’s broader oil output has been constrained by years of underinvestment, operational problems at state oil company PDVSA and US sanctions on the energy sector.
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