Venezuela expects nearly $76 billion in oil and gas investment over the next five years, Acting President Delcy Rodríguez announced at an energy conference in Maracaibo. The estimate was shared during the closing of the event, where more than 150 domestic and international companies discussed revival of production. Rodríguez said the government has signed 61 agreements under its revamped hydrocarbons framework and is negotiating another 44, aiming to combine foreign investment with local capital and labor.
The projected investments could generate over 324,000 direct, indirect and induced jobs. She emphasized that turning commitments into production will require years of work in deteriorated fields, power systems and infrastructure, along with investor reassurances amid concerns over nationalization risks and legal uncertainty. The drive aligns with a US-backed effort, including an August agreement with North American Blue Energy Partners covering 17 fields and up to $100 billion in planned investment, targeting 500,000 barrels per day by 2028.
Rodríguez also noted higher Zulia output could eventually support liquefied petroleum gas production for domestic use and export. Chevron Corp. said its expanded Orinoco Belt rights open the way for new investment but stressed that long-term growth depends on reforms, cooperation and infrastructure improvements. Challenges remain, including unreliable power, aging equipment, limited service capacity and worker shortages, which could slow progress despite the country’s vast reserves.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing