Venezuela expects US$76 billion oil investment over five years, acting president says

Acting President Delcy Rodríguez said Venezuela’s oil industry will receive almost US$76 billion in investment over the next five years, speaking by live link at the close of the second Energy, Oil and Gas Conference in Maracaibo, capital of the oil state of Zulia, on Saturday 17 October 2026.

The figure is attached to recently signed agreements, and Rodríguez said a bilateral accord with the United States includes plans to drill 250 rigs. She cited 61 energy agreements signed, apparently including 17 with the United States, and 44 more in negotiation.

Rodríguez said the investments would create 324,000 jobs, direct, indirect and induced, within ten years. She tied part of the job forecast to 250 drilling rigs, each needing about 200 workers, under the agreement with the United States.

On national television she said the investments would bring direct benefits to Venezuela while also benefiting its partners, describing a win-win partnership.

She said production in western Zulia state rose from 70,000 barrels per day to 370,000 bpd and was expected to reach 400,000 bpd by the end of 2026. She did not say over what period the Zulia increase took place.

Rodríguez expects Zulia to end the year at 400,000 barrels a day and to become a producer of liquefied petroleum gas next year.

El Nacional calculated that official output is up 30.5% so far in 2026, since US forces captured the former president in January.

The Rio Times said the transcripts it reviewed contain no breakdown of who would pay and no source for the total beyond Rodríguez's own statement, so it treats the figure as a government projection rather than signed capital.

Spread evenly over five years, the total would be about US$15 billion a year — a calculation by The Rio Times, not a figure she gave.

The government's press office said the conference and a Zulia energy forum brought together more than 150 national and international companies.

Since the January ouster of the previous president, Venezuela has been reopening its energy sector to foreign investment with the backing of the Trump administration. Venezuela has the world's largest proven crude oil reserves but produces well below levels seen a decade ago, and Reuters reported that the deals could help revive output.

Venezuela's oil output has suffered from years of underinvestment, operational problems at state oil company PDVSA and US sanctions on the energy sector, according to Reuters.

Context on the country's standing: Venezuela ranks 13th of 14 in The Rio Times Latin America Power Index with 27.0 points, is in selective default, and has inflation of 252% and public debt at 309% of GDP.