Venezuela targets $76B oil investment as production recovery accelerates

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Venezuela targets $76B to rebuild oil production

U.S. agreement targets 17 oil fields and 250 drilling rigs

Venezuela expects to attract nearly $76 billion in oil-sector investment over the next five years. According to Investing.com, acting President Delcy Rodríguez said the funding is tied to recently signed agreements, including a bilateral arrangement with the United States covering 17 oil fields and plans to deploy 250 drilling rigs.

In total, the parties have signed 61 agreements aimed at rebuilding the oil industry and expanding production. Since Nicolás Maduro was removed from power in January 2026, Venezuela has gradually reopened its energy sector to foreign capital with support from the Trump administration. Importantly, the $76 billion figure represents expected investment over five years rather than capital that has already been deployed.

Oil production in Zulia rises toward 400,000 barrels per day

Rodríguez pointed to higher output in the western state of Zulia as one of the first signs of the industry’s recovery. According to her, production has increased from 70,000 to 370,000 barrels per day, with the government targeting 400,000 barrels per day by the end of 2026. She did not specify the period over which the increase occurred.

Despite that progress, Venezuela’s oil sector is still dealing with the consequences of years of underinvestment, technical problems at state-owned PDVSA and U.S. sanctions. National production stood at around 1.25 million barrels per day in early September, compared with roughly 3 million barrels per day at its peak in the late 1990s.

The gap highlights how much work remains before Venezuela can approach its former production capacity.

Chevron expansion highlights opportunities and risks for Venezuela's oil sector

Major international producers are already expanding their presence in the country. Chevron, for example, has announced plans to invest more than $7 billion over five years and more than double its Venezuelan production to roughly 600,000 barrels per day.

The company has also secured additional acreage in the Orinoco Belt, aiming to take advantage of existing infrastructure and improved terms for joint ventures.

As Traders Union previously noted, Chevron’s expansion could become an important driver of Venezuela’s production recovery and increase crude supplies to U.S. refineries. But the success of these large-scale investment plans still depends on upgrading aging infrastructure, maintaining a stable regulatory environment and bringing new production capacity online on schedule.

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