CARACAS, October 18, 2026 (DAILYNWZ) — Venezuela expects nearly $76 billion in oil investment over the next five years under recently signed agreements, acting President Delcy Rodriguez said on Saturday, as the country seeks to revive production through renewed foreign participation in its energy sector.
Rodriguez said a bilateral agreement with the United States includes plans to drill 250 wells and covers 17 oilfields. The deal is part of a broader package of 61 agreements signed by the two sides, she said in remarks broadcast on national television.
“Major investments are coming,” Rodriguez said. She described the expected funding as a partnership that would deliver direct benefits to Venezuela while also generating returns for its partners.
The investment plans come as Venezuela reopens its oil industry to foreign capital with support from the administration of U.S. President Donald Trump. The shift follows the removal of President Nicolas Maduro in January, which marked a turning point in the country’s energy policy.
The agreements could help restore output in Venezuela, which holds the world’s largest proven crude oil reserves but produces far less oil than it did a decade ago.
Rodriguez also pointed to a sharp increase in production in western Zulia state, where output has risen from 70,000 barrels per day to 370,000 barrels per day, according to her account. She said production could reach 400,000 barrels per day by the end of this year, but did not specify when the reported increase began.
The figures suggest a significant recovery in one of the country’s oil-producing regions, although the government has not provided a timeframe for the rise from the earlier production level.
Venezuela’s oil industry has been weakened by years of underinvestment, operational difficulties at state-run oil company PDVSA and U.S. sanctions targeting the energy sector. These constraints have limited the country’s ability to turn its vast reserves into sustained production growth.
The projected investment would represent a major commitment to rebuilding the industry, but the announced figures are expectations rather than confirmed spending already delivered. The pace of new drilling and the implementation of the agreements will be central to determining how much additional oil Venezuela can bring to market.
Rodriguez did not provide a breakdown of the expected $76 billion by project, investor or year. The government has also not detailed the timetable for drilling the 250 wells included in the U.S. agreement.
