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Venezuela's acting president Delcy Rodríguez stated on Saturday that the country expects its oil and gas industry to attract nearly $76 billion in investment over the next five years, as Venezuela actively brings in private capital to drive energy production increases.
Rodríguez announced the estimate at the closing ceremony of an energy conference held in Maracaibo, the capital of the oil-producing state of Zulia, which was attended by more than 150 domestic and international companies to discuss investment and production resumption matters.
The acting president said that the government, relying on a revised oil and gas framework, has signed 61 cooperation agreements, with another 44 agreements currently under negotiation.
Rodríguez stated that the relevant projects will combine foreign investment, Venezuelan domestic capital, and local labor. She said the planned investment will create more than 324,000 direct, indirect, and induced jobs.
The announcement highlights Venezuela's ambitious goals. The country holds the world's largest crude oil reserves, but its oil production is far below historical peaks, and it is currently focused on rebuilding its oil industry.
Converting investment commitments into actual production capacity will require years of drilling operations, as well as sustained investment in aging oil fields, power systems, and other infrastructure. At the same time, investor concerns must be addressed, given the country's history of nationalization and long-standing political and legal uncertainties.
The investment attraction plan is increasingly linked to US-backed efforts to revive Venezuela's vast but long-stagnant oil industry. The US government reached an agreement in August with North American company Blue Energy Partners involving 17 oil fields, with planned investment of up to $100 billion. The company plans to increase crude oil production from the current approximately 200,000 barrels per day to 500,000 barrels per day by the end of 2028.
Rodríguez also mentioned that after oil production increases in Zulia state, the state is expected to produce liquefied petroleum gas, first to meet domestic demand and subsequently for export.
Behind these goals lie considerable challenges. Chevron recently expanded its development rights in the Orinoco Heavy Oil Belt and updated the cooperation terms for its Venezuela project. The company stated in September that the agreement paves the way for new investment but still requires years of advancement. Chevron said long-term production growth depends on continued reforms and collaboration between industry and government on infrastructure upgrades.
Venezuela also faces multiple constraints: unstable power supply, aging production equipment, insufficient oilfield service capacity, and a shortage of skilled workers — all of which could delay the realization of additional crude oil production capacity.
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