Venezuela Plans to Attract Nearly $76 Billion in Oil Investment Over Five Years

en.Wedoany.com Reported - On October 17, Venezuela's acting President Delcy Rodríguez announced that, under recently signed oil cooperation agreements, the country expects to attract nearly $76 billion in oil investment over the next five years. Among these, the bilateral agreement signed with the United States covers 17 oilfields and plans to deploy 250 drilling rigs for drilling operations. This agreement is part of a portfolio of 61 cooperation agreements already signed by both parties.

Rodríguez announced the above investment arrangements that day via a national television address. According to the information she disclosed, the Venezuelan government is channeling oil development funds through recently concluded energy cooperation agreements, which involve the development of existing oilfields and drilling operations. The U.S.-Venezuela bilateral agreement has specified the number of oilfields involved and the planned scale of drilling rigs to be deployed, with specific project implementation to proceed in accordance with the relevant cooperation arrangements.

The Venezuelan government also released crude oil production data for the western state of Zulia. Rodríguez stated that the state's daily crude oil production has increased from 70,000 barrels to 370,000 barrels, and is expected to further reach 400,000 barrels by the end of 2026. The corresponding start and end statistical timeframes for the above production changes were not specified, and the year-end production figure is a government forecast target.