Rodríguez says Venezuela’s oil sector could receive nearly $76 billion in investment — The Rio Times

Venezuela’s acting president, Delcy Rodríguez, said the country’s oil industry could receive nearly $76 billion in investment over the next five years. She said this on October 17 at the closing of the second energy, oil and gas conference in Maracaibo, the administrative center of Zulia state, The Rio Times reports.

The publication notes that this is a government estimate: the available materials do not provide a breakdown of the funding, name investors, or specify what share of the amount is public or private money.

Agreements and jobs

According to Rodríguez, 61 agreements have been signed in the sector, while another 44 are under negotiation. She also reported 17 agreements with the United States. Separately, the official called a bilateral agreement with the United States historic, saying it covers 17 fields.

Rodríguez said the projects are expected to create 324,000 direct, indirect and related jobs over ten years. According to her, the agreement with the United States provides for the deployment of 250 drilling rigs, each requiring approximately 200 workers to operate.

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Conditions for investors

The acting president said that the new Hydrocarbons Law provides for the operation of mixed companies and production participation contracts, flexible taxes and royalties, as well as an arbitration mechanism for resolving investment disputes.

She also announced the creation of a technical platform involving authorities, industry representatives, investors and oil chambers. According to her, contracts should specify national suppliers and the number of employed Venezuelans.

Rodríguez said oil production in Zulia state increased from 70,000 to 370,000 barrels per day. She expects the figure to reach 400,000 barrels per day by the end of the year.