Venezuela's oil sector is set to receive up to $76 billion in planned investment.

According to Venezuela's authorities, nearly $76 billion in investment is planned for the country's oil sector over the next five years. Acting President Delcy Rodríguez stated that the agreement with the US envisages the launch of operations at 17 fields and 250 drilling rigs.

The opening of the energy sector to foreign companies began in January, following Nicolás Maduro's removal from power. According to Rodríguez, the agreement signed with the US is one of 61 contracts.

Venezuela holds the world's largest proven oil reserves, though production still lags significantly behind the levels seen a decade ago. The reasons for this include years of underinvestment, problems at state-owned company PDVSA, and US sanctions.

In Zulia state, oil production has risen from 70,000 to 370,000 barrels per day. By the end of the year, this figure could reach 400,000 barrels.

Source: Reuters