Announcement
Acting President Delcy Rodriguez said on national television that Venezuela expects to attract nearly $76 billion in oil‑related investment over the next five years under newly signed agreements.
Investment Package
The package comprises 61 separate deals, including a bilateral agreement with the United States that covers 17 oil fields and calls for the deployment of 250 drilling rigs.
Production Outlook
Rodriguez highlighted a recovery in the western state of Zulia, where output has risen from about 70,000 barrels per day to roughly 370,000 barrels per day; the government aims for 400,000 barrels per day by the end of 2026.
Context and Dependencies
The investment drive follows the removal of President Nicolas Maduro in January and is backed by the administration of U.S. President Donald Trump. Venezuela’s state‑owned oil company PDVSA has suffered years of under‑investment, operational difficulties and U.S. sanctions, which have limited production capacity. The realization of the $76 billion spending will depend on the implementation of the agreements and the ability to sustain foreign participation.
Potential Impact
If the projected spending materialises, it could support the refurbishment of ageing oil infrastructure, expand drilling activity and increase overall production capacity, potentially adding to global oil supplies as Venezuela rebuilds its energy sector.