An ambitious investment promise

Venezuela's acting president Delcy Rodríguez announced on Saturday that the country expects nearly $76 billion in private and foreign capital for the oil and gas sector over the next five years. The statement came during the closing of the Energy Conference 2026 in Maracaibo and was broadcast on national television, Bloomberg Markets reports.

Rodríguez described the agreements as a "win-win" situation in which both Venezuela and international partners stand to benefit. She emphasized that the partnerships are "designed with an eye on the future" and are meant to give "hope to Venezuelans."

Venezuela promises $76 billion in oil investments - Bilde 1

Legal reform opened the doors

The wave of investment follows a comprehensive reform of Venezuela's hydrocarbons law, passed at the end of January 2026. The reform reverses two decades of state exclusivity through the state oil company PDVSA, allowing private and foreign actors to take operational control over extraction, direct sales, and dispute resolution.

At the same time, the US has gradually eased certain energy sanctions against Venezuela, opening the way for American oil companies and international joint ventures to re-establish themselves in the country. According to the source material, a separate bilateral agreement with the US covers 17 oil fields and plans for the deployment of 250 drilling rigs.

$76 billion
expected investment over 5 years
61
signed agreements
324,000
expected jobs over 10 years
Venezuela promises $76 billion in oil investments - Bilde 2

Zulia as a showcase

The western state of Zulia is highlighted as proof that the strategy is already working. According to information presented at the conference, production there has increased from 70,000 to 370,000 barrels per day, with a target of 400,000 barrels per day by the end of 2026.

Authorities have also announced the establishment of a "technical board" with operators, investors, and national oil chambers, intended to ensure that local suppliers and workers share in the growth.

From state monopoly to open investment hunt – Venezuela is turning a hundred years of oil policy upside down.

Source criticism: figures from the government itself

It is important to stress that the figures presented – including the $76 billion, the production increase in Zulia, and the job estimates – come from the Venezuelan authorities themselves, without independent verification from international energy agencies or audited company reports. Delcy Rodríguez has an obvious political interest in portraying the reform as a success, and historically, Venezuelan production figures have often proven to deviate significantly from independent estimates by, among others, OPEC and the International Energy Agency (IEA).

It also remains to be seen how many of the 44 agreements "under negotiation" will actually be realized, and at what pace capital will flow in given the country's political risk and still-limited international banking access.

Significance for the oil market

Venezuela holds some of the world's largest proven oil reserves, but production has for decades lagged far behind its potential due to sanctions, underinvestment, and political unrest. Should the investments materialize as promised, they could eventually affect global oil supply and thus the Brent price – which also matters for the Norwegian economy and the state's oil revenues, given that Norway is a significant exporter of crude oil and natural gas.

For now, however, it is too early to assess how much of the announcement represents concrete capital on its way in, and how much is political rhetoric aimed at a domestic and international audience.