Venezuela Expects Nearly $76 Billion in Oil Sector Investment Over Next Five Years

Venezuelan Acting President Delcy Rodríguez said 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 seeks private capital to boost energy output. Rodríguez announced the estimate at the closing ceremony of an energy conference in Maracaibo, capital of the oil-producing state of Zulia, where more than 150 domestic and foreign companies gathered to discuss investment and the resumption of production. The acting president said the government has signed 61 cooperation agreements under the revised oil and gas framework, with 44 more under negotiation. Rodríguez said the projects will combine foreign capital, Venezuelan domestic capital and labor.