Venezuela is poised to attract nearly US$76 billion in oil investments over the next five years, according to acting President Delcy Rodriguez. She announced this on Oct 17, highlighting a bilateral agreement with the US that includes plans to drill 250 rigs across 17 oil fields. The deals are part of a broader package of 61 agreements aimed at reviving Venezuela’s energy sector, which has struggled with underinvestment and US sanctions.
Rodriguez emphasized that the investments would benefit both Venezuela and its partners, calling it a 'win-win partnership.' She noted a significant recovery in oil production in western Zulia state, where output rose from 70,000 barrels per day to 370,000 bpd, with expectations to reach 400,000 bpd by the end of 2026. The acting president did not specify the timeframe for this increase.
The country’s oil output has been hampered by years of operational issues at state oil company PDVSA and US sanctions. Since the January ouster of President Nicolas Maduro, Venezuela has been reopening its energy sector to foreign investment with the support of US President Donald Trump’s administration.