Venezuela expects nearly $76 billion in oil investment over five years, acting president says

CARACAS, October 17 - Venezuela anticipates receiving approximately $76 billion in oil investment over the next five years, according to Acting President Delcy Rodriguez's statements on Saturday. The investments are a result of recently signed agreements, and include a bilateral accord with the United States that outlines plans for drilling 250 rigs.

Since the removal of President Nicolas Maduro in January, Venezuela has been gradually reopening its energy sector to foreign investment, supported by the administration of US President Donald Trump. The investments could aid in revitalizing output within Venezuela, which possesses the world's largest proven crude oil reserves but currently produces far below the levels observed a decade ago.

Rodriguez stated on national television that the investments would bring direct advantages to Venezuela while also benefiting its partners. She emphasized that the bilateral agreement with the US involves 17 oil fields and is part of a broader package comprising 61 agreements signed between the parties. Rodriguez highlighted that major investments are on the horizon, estimating a total of nearly $76 billion over a five-year period.

These investments promise direct benefits for Venezuela, forming a mutually advantageous partnership, where the US partner would also reap benefits. Rodriguez further pointed out a resurgence in oil production in the western Zulia state, where output has increased from 70,000 barrels per day (bpd) to 370,000 bpd. She predicted that production could reach 400,000 bpd by the end of the year, though the timeframe for this increase was not specified.

Venezuela's oil output has been impacted by years of underinvestment, operational issues at state oil company PDVSA, and US sanctions on the energy sector.