CARACAS – Venezuela expects nearly US$76 billion (S$97.26 billion) in oil investment over the next five years under recently signed agreements, acting President Delcy Rodriguez said on Oct 17, adding that a bilateral accord with the US includes plans to drill 250 rigs.
Since the January ouster of President Nicolas Maduro, the country has been reopening its energy sector to foreign investment with the backing of the administration of US President Donald Trump.
The deals could help revive output in Venezuela, which has the world’s largest proven crude oil reserves but produces well below levels seen a decade ago.
Rodriguez said on national television the investments would bring direct benefits to Venezuela while also benefiting its partners, adding that the bilateral agreement with the US covers 17 oil fields and formed part of a broader package of 61 agreements signed by the parties.
“Major investments are coming,” she said. “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.”
Rodriguez also highlighted a recovery in oil production in western Zulia state.
There, production rose from 70,000 barrels per day (bpd) to 370,000 bpd, she said, adding it was expected to reach 400,000 bpd by the end of 2026. She did not say over what period the increase occurred.
Venezuela’s oil output has suffered from years of underinvestment, operational problems at state oil company PDVSA and US sanctions on the energy sector. REUTERS