Venezuela expects nearly $76 billion in oil investment over five years, acting president says
The agreements cover 17 oil fields and could lift production in western Zulia to 400,000 barrels per day by year-end, Rodriguez said.
- On Saturday, acting President Delcy Rodriguez announced Venezuela expects nearly $76 billion in oil investment over five years under recently signed agreements, including a U.S. bilateral accord to drill 250 rigs.
- Since the January ouster of President Nicolas Maduro, Venezuela has reopened its energy sector to foreign investment with backing from the administration of U.S. President Donald Trump.
- The bilateral agreement covers 17 oil fields and forms part of a broader package of 61 agreements signed by the parties, Rodriguez said on national television.
- Zulia state's oil production rose from 70,000 barrels per day to 370,000, Rodriguez reported, with output expected to reach 400,000 barrels per day by year-end.
- "Major investments are coming," Rodriguez said, describing the deal as a "win-win partnership" to help the country recover from years of underinvestment, operational problems at PDVSA, and energy sanctions.
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Venezuela expects nearly $76 billion in oil investment over five years, acting president says
Venezuela expects nearly $76 billion in oil investment over the next five years under recently signed agreements, acting President Delcy Rodriguez said on Saturday, adding that a bilateral accord with the US includes plans to drill 250 rigs.
The government will coordinate directly with business chambers and investors to ensure compliance with the Hydrocarbons Act.
The president in charge of Delcy Rodríguez, said that the Venezuelan oil industry will receive an investment of almost 76 billion dollars. During her intervention, on Saturday, October 17, at the close of the Conference on Energy, Oil and Gas 2026, she said that these resources will become direct benefits for the country. She recalled that the 17 agreements that were signed with the United States, like the rest of the 61 other agreements signed,…
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