South Americaupdated 1h ago2 min read
Delcy Rodriguez Says Venezuela Expects Nearly $76 Billion in Oil Investments With 61 Agreements
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Venezuela expects nearly $76 billion in oil and gas investments over five years. Sixty-one cooperation agreements have been signed to attract private capital.
Venezuela’s oil deal push
Venezuela’s acting President Delcy Rodriguez said on Saturday that the country expects nearly $76 billion in investments in its oil and gas sector over the next five years after recently signed agreements. Rodriguez said a bilateral agreement with the United States provides for the establishment of 250 new drilling rigs and includes 17 oil fields as part of a larger package of 61 agreements. Rodriguez told state television, “Great investments are ahead,” as Venezuela reopened its energy sector to foreign investment since January.
Rodriguez said the agreements could help revive oil production in Venezuela and pointed to a recovery in the western state of Zulia, where production rose from 70,000 barrels per day (bpd) to 370,000 bpd. Rodriguez said the investments would deliver “direct benefits for our country in a win-win partnership, because our partner will also benefit.”
Jobs and negotiated deals
Rodriguez said Venezuela has already signed 61 cooperation agreements and is negotiating an additional 44, leveraging a revised oil and gas framework. UNI reported that Rodriguez said, “We are talking about investments totaling nearly $76 billion over five years,” at the closing of an energy, oil, and gas conference in the Venezuelan state of Zulia. UNI said each rig would require the hiring of approximately 200 workers, and it said the agreements are set to generate 324,000 jobs in Venezuela, including direct, indirect, and induced employment.
GuruFocus did not provide additional details on the Venezuelan agreements, but it did name Chevron Corp and said the company has a dividend yield of 3.06%. Zonebourse Suisse said Rodriguez told state television that the bilateral agreement with the United States covered 17 oil fields and was part of a broader set of 61 agreements signed by the parties.
After Maduro, under Trump
Venezuela reopened its energy sector to foreign investment after the overthrow of President Nicolás Maduro in January, and the process is supported by the U.S. government under President Donald Trump. Venezuela opened up its energy sector to overseas investors following the removal of President Nicolas Maduro in January, and the process has the backing of US President Donald Trump's administration. Maduro and his wife, Cilia Flores, appeared in a US court earlier this week as they prepared to respond to an expanded indictment accusing them of conspiring to torture political opponents.
The new charges, brought last Thursday, broadened the criminal case against the former Venezuelan president, 63, and Flores, 70, and it said both had earlier pleaded not guilty to allegations that they abused their positions to help drug traffickers transport cocaine. Rodriguez told state television that the investments would bring direct benefits to Venezuela while also benefiting its partners, adding that “Significant investments are coming.”