Business · Energy & Commodities · 59 mins ago
Venezuela expects nearly $76 billion in oil investment over five years
Venezuela expects nearly $76 billion in oil investment over the next five years, Acting President Delcy Rodríguez said on Saturday.
The plans follow recent agreements as Venezuela reopens its energy sector to foreign investment, with backing from the US administration.
A bilateral US agreement covers 17 oil fields and plans for 250 drilling rigs, as part of a wider package of 61 agreements.
The investment is intended to help raise production in a country with the world’s largest proven crude oil reserves but output well below levels from a decade ago.
Years of underinvestment, operational problems at state oil company PDVSA and US sanctions have held production back.
Zulia state’s output has risen to 370,000 barrels a day, from 70,000, Rodríguez said, and is expected to reach 400,000 by the end of 2026; she did not say when the increase happened.
Venezuela expects nearly $76 billion in oil investment over the next five years under recently signed agreements, acting President Delcy Rodríguez said.
A bilateral agreement with the United States covers 17 oil fields and includes plans for 250 drilling rigs.
The bilateral agreement is part of a broader package of 61 agreements, Rodríguez said.
She said oil production in western Zulia state had risen from 70,000 to 370,000 barrels per day and was expected to reach 400,000 by the end of 2026.
Venezuela is seeking investment to boost production after years of underinvestment, operational problems at state oil company PDVSA and US energy-sector sanctions.
- Who
- Acting President Delcy Rodríguez announced the expected investment.
- What
- Venezuela expects nearly $76 billion in oil investment over five years. A US bilateral agreement includes plans for 250 drilling rigs.
- When
- Rodríguez made the announcement on October 17.
- Where
- Venezuela; the reported production recovery is in Zulia state.
- Why
- The agreements could help revive oil production and bring investment into the energy sector.
This story does not have two clearly opposing sides.
President Nicolás Maduro was ousted, after which Venezuela began reopening its energy sector to foreign investment.
Rodríguez said Venezuela expected nearly $76 billion in oil investment over the next five years under recently signed agreements.
- Expected investment
- Nearly $76 billion over five years
- US agreement
- Covers 17 oil fields and plans for 250 drilling rigs
- Broader package
- 61 agreements
- Zulia production
- Rose from 70,000 to 370,000 barrels per day
- Zulia target
- 400,000 barrels per day by the end of 2026
4 sources
Venezuela expects nearly US$76 billion in oil investment over five years, acting president says
Venezuela prevé inversión petrolera de casi 76,000 millones de dólares en cinco años: Delcy Rodríguez
Venezuela Sees Nearly $76 Billion Oil Investment Over Five Years
Venezuela expects nearly $76 billion in oil investment over five years, acting president says
What people are saying
Major investments are coming
We are talking about investment of almost US$76 billion over five years.
Those investments will translate into direct benefits for our country in a win-win partnership, because our partner will also benefit.