Venezuela expects to attract nearly $76 billion in oil investment over the next five years as the country moves to revive its struggling energy industry and expand crude production, acting President Delcy Rodríguez has announced.
Speaking on national television on Saturday, October 17, Rodríguez said recently signed agreements included a bilateral deal with the United States covering 17 oil fields and plans to deploy 250 drilling rigs. The agreement forms part of a broader package of 61 agreements between the two countries.
Rodríguez said the anticipated investment would generate direct benefits for Venezuela while creating opportunities for international partners.
US-Venezuela Energy Cooperation Expands
The announcement comes as Venezuela reopens its oil sector to foreign investment, with support from US President Donald Trump’s administration following the removal of former president Nicolás Maduro in January 2026.
The renewed cooperation is intended to help restore production in Venezuela, which holds the world’s largest proven crude oil reserves but has struggled to maintain output levels achieved in previous decades.
Years of underinvestment, operational difficulties at state-owned oil company Petróleos de Venezuela (PDVSA) and US sanctions have weakened the country’s oil industry.
The new agreements are expected to attract capital, support drilling operations and help rebuild the infrastructure required to increase production. However, the scale and timing of the proposed investment will depend on the implementation of the agreements and the ability of energy companies to develop the fields.
Oil Production Shows Signs of Recovery
Rodríguez also highlighted a reported recovery in oil production in western Zulia state, where output increased from 70,000 barrels per day to 370,000 barrels per day.
She said production in the region was expected to reach 400,000 barrels per day by the end of 2026, although she did not specify the period over which the reported increase had occurred.
The projected investment could provide a significant boost to Venezuela’s economy, which depends heavily on petroleum revenues. Higher production could increase export earnings, support government income and create opportunities across the energy supply chain.
Challenges Remain Despite Investment Ambitions
Despite the ambitious plans, rebuilding Venezuela’s oil industry will require sustained investment, reliable infrastructure and confidence among international investors.
Industry analysts have warned that restoring production to historical levels could take years, given the scale of the damage and the need for stable regulations and commercially viable investment conditions.
The proposed $76 billion investment therefore represents a major ambition for Venezuela, but its ultimate impact will depend on whether the agreements translate into funded projects, expanded drilling and sustained increases in oil output.
For now, the government is positioning renewed international energy cooperation as a central part of its strategy to revive the petroleum sector and strengthen the country’s economic prospects.
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