Venezuela is targeting nearly US$76 billion in oil and gas investments over the next five years, according to acting president Delcy Rodríguez. She announced the figure on Oct 17 during the closing of an energy conference in Maracaibo, where over 150 companies gathered to discuss potential investments. The government has already signed 61 agreements under its updated hydrocarbons framework and is negotiating another 44. These projects aim to combine foreign capital with Venezuelan labor and resources.
The expected investments are projected to create more than 324,000 jobs, both directly and indirectly. The announcement underscores Venezuela’s efforts to revive its oil industry, which remains far below its historical production levels despite holding the world’s largest crude reserves. The country faces significant challenges, including deteriorating infrastructure, unreliable power, and a shortage of skilled workers, all of which could hinder the revival of production.
The investment drive aligns with a broader US-backed initiative to revitalize Venezuela’s oil sector. In August, Washington reached an agreement with North American Blue Energy Partners, covering 17 fields and up to US$100 billion in planned investments. The company aims to increase output to 500,000 barrels per day by the end of 2028, up from the current 200,000 barrels. Rodríguez also highlighted plans for Zulia state to become a producer of liquefied petroleum gas, initially for domestic use and later for export.
Chevron Corp, which recently expanded its development rights in the Orinoco Belt, noted that while the agreements open the door for new investments, long-term growth will depend on continued reforms and cooperation between industry and government. The company emphasized that years of work remain to address infrastructure improvements and other constraints.