Venezuela expects nearly $76 billion in oil investment over the next five years under a series of agreements, acting President Delcy Rodríguez announced Saturday, October 17. The plans include a bilateral agreement with the United States covering 17 oilfields and involving 250 drilling rigs. Rodríguez outlined 61 energy agreements aimed at expanding production, restoring infrastructure and attracting foreign investment to the country's petroleum industry.

The announcement marks a significant expansion of energy cooperation between Washington and Caracas following the removal of former President Nicolás Maduro in January. Venezuela holds the world's largest proven crude oil reserves but has struggled with years of underinvestment, deteriorating infrastructure and restrictions on international financing. The proposed agreements are intended to restore production capacity through foreign capital, technical expertise and expanded drilling operations.

Expanding Oil Production

Rodríguez also reported a substantial recovery in oil production in western Zulia state, where output has reportedly increased from 70,000 to 370,000 barrels per day. The government expects production to reach 400,000 barrels per day by the end of 2026. Zulia, home to the Lake Maracaibo oil-producing region, has historically been one of Venezuela's most important petroleum centers.

The proposed U.S. partnership could accelerate Venezuela's production recovery while strengthening Washington's access to regional energy supplies. However, the $76 billion figure represents projected investment rather than funding already received, and the implementation of individual projects will depend on financing, infrastructure rehabilitation and operating conditions for foreign companies.

The government has not disclosed a complete breakdown of participating companies, investment commitments or project timelines. The agreements nevertheless represent a significant proposed expansion of Venezuela's energy sector, with their economic impact dependent on how much investment ultimately materializes.