CARACAS — Venezuela expects nearly $76 billion in oil investment over the next five years under recently signed agreements, acting President Delcy Rodríguez said Saturday, adding that a bilateral accord with the United States includes plans to drill 250 rigs, Reuters reported.
“Major investments are coming,” Rodríguez said on national television. “We are talking about investment of almost $76 billion over five years. Those investments will translate into direct benefits for our country in a win-win partnership, because our partner will also benefit,” she said, as Reuters reported.
She said the U.S. accord covers 17 oil fields and is part of a broader package of 61 agreements signed by the parties, El Economista reported.
Rodríguez also highlighted a production recovery in western Zulia state, where she said output had risen from 70,000 barrels per day to 370,000 bpd and was expected to reach 400,000 bpd by the end of 2026. She did not say over what period the increase occurred.
Since the January ouster of President Nicolás Maduro, Venezuela has been reopening its energy sector to foreign investment with the backing of President Donald Trump’s administration. The country has the world’s largest proven crude reserves but produces well below the levels of a decade ago after years of underinvestment, operational problems at state oil company PDVSA and U.S. sanctions on the energy sector.
Sources: Reuters, El Economista
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