Venezuela expects to attract nearly US$76 billion in oil-sector investment over the next five years under a series of agreements aimed at increasing production and expanding upstream activity.
Acting President Delcy Rodríguez announced the projection on October 17 during the closing session of the Energy, Oil and Gas Conference in Maracaibo.
Rodríguez said a bilateral agreement with the United States covers 17 oilfields and includes plans to deploy 250 drilling rigs. The arrangement forms part of a wider package of 61 agreements signed with industry partners.
According to Venezuela's state news agency, AVN, citing state oil company PDVSA, another 44 oil and gas agreements are under discussion.
The government is seeking to increase production through new investment, drilling and the rehabilitation of existing oil infrastructure.
PDVSA reported that national crude production exceeded 1.2 million barrels per day during the third quarter of 2026, with output increasing by approximately 8%, according to AVN.
Rodríguez also reported higher production in the western state of Zulia, where output has reached 370,000 barrels per day. She said the government is targeting 400,000 barrels per day by the end of 2026.
The investment plans come after Venezuela revised its oil and gas laws to encourage more private investment in the sector.
Regional energy cooperation will be the focus of the Energy Chamber of Trinidad and Tobago's upcoming Post-AGM Event and Networking Cocktails, under the theme "Collaboration for Caribbean Energy Security."
The event will feature keynote addresses from His Excellency Álvaro Enrique Sánchez Cordero, Venezuela's Ambassador to Trinidad and Tobago, and Philip Kern, Chargé d'Affaires at the Embassy of the United States of America.
Private sector representatives will also contribute to discussions on strengthening regional energy security, expanding cooperation and building economic resilience.
The event takes place on Friday, October 23, 2026, at the Hyatt Regency, Port of Spain, from 5:00 pm to 6:00 pm, followed by networking cocktails from 6:00 pm to 8:00 pm, partly sponsored by CIBC Caribbean.
Registration is open to members at $650 plus VAT and non-members at $1,200 plus VAT.