Venezuela Expects Nearly $76 Billion in Oil and Gas Investment Over Five Years, Acting President Says
CARACAS — Venezuela expects to attract nearly $76 billion of investment in its oil and gas sector over the next five years, Acting President Delcy Rodríguez said on state television on October 17, according to Reuters and Bloomberg, as the country seeks private capital to revive energy production.
Rodríguez said 61 agreements have been signed, including a bilateral deal with the United States covering 17 oil fields and plans to deploy 250 drilling rigs. She said the investments would bring direct benefits to Venezuela and opportunities for its partners, adding that significant investments are coming.
Venezuela reopened its energy sector to foreign investment after the removal of former president Nicolás Maduro in January, a process backed by the administration of U.S. President Donald Trump. The country holds the world's largest proven crude reserves, but output has been weakened by years of underinvestment, operational difficulties at state oil company PDVSA and U.S. sanctions.
The scale and timing of the projected investment will depend on how the agreements are implemented and on companies' ability to develop the fields.
Source: GSM · USA (original Chinese edition)
Photo: 委内瑞拉首都加拉加斯全景。照片：Wikimedia Commons（CC0）。Panoramic view of Caracas, Venezuela. Photo: Wikimedia Commons (CC0).
