Venezuela expects $76 billion in oil investment over five years

Venezuela anticipates nearly $76 billion in oil investment over the next five years, according to acting President Delcy Rodriguez. A bilateral accord with the US includes plans to drill 250 rigs across 17 oil fields as part of a broader package of 61 agreements.

Rodriguez stated on national television that these investments would bring direct benefits to Venezuela and its partners. She also highlighted a recovery in oil production in western Zulia state, where output rose from 70,000 barrels per day to 370,000 bpd and is expected to reach 400,000 bpd by the end of the year. The country has been reopening its energy sector to foreign investment since the ouster of President Nicolas Maduro, with support from the US administration.