Venezuela expects $76 billion oil investment boost amid U.S. cooperation

Venezuela anticipates attracting nearly $76 billion in oil investment over the next five years, according to Acting President Delcy Rodriguez. The investment commitments include a bilateral agreement with the U.S., covering 17 oil fields and plans to deploy 250 drilling rigs, as part of a broader package of 61 deals aimed at revitalizing the country's energy industry.

The announcement comes as Venezuela seeks to reopen its energy sector to foreign investment following the removal of President Nicolas Maduro in January. Although Venezuela holds the world's largest proven crude oil reserves, years of underinvestment, operational difficulties at state-owned oil company PDVSA, and U.S. sanctions have constrained production capacity.

The government expects Zulia, a major oil-producing region, to increase its output from 70,000 barrels per day to 400,000 barrels per day by the end of 2026. However, the projected spending will depend on the implementation of the agreements and the country's ability to sustain foreign investment.

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