Stories
Venezuela Anticipates Rs 7.2 Lakh Crore Crude Oil Investment in Five Years
C
CNBC Awaaz•19-10-2026, 15:53
Venezuela Anticipates Rs 7.2 Lakh Crore Crude Oil Investment in Five Years
- •Venezuela expects around 76 billion dollars or approximately Rs 7.2 lakh crore in investments in its oil sector over the next five years.
- •Acting president Delcy Rodríguez announced that the investment stems from recently concluded agreements, including one with the United States.
- •The agreement with the US covers 17 oil fields and outlines plans to deploy 250 drilling rigs as part of a 61-agreement package.
- •Despite holding the world largest proven crude oil reserves, Venezuela production has suffered due to underinvestment, operational issues, and sanctions.
- •Oil production in the western state of Zulia has surged from 70000 barrels per day to 370000 barrels per day, with expectations to reach 400000 by year end.
Key Questions Answered
Venezuela expects to see around $76 billion, or approximately Rs 7.2 lakh crore, invested in its crude oil sector over the next five years under recently concluded agreements.
The agreement between Venezuela and the United States covers 17 oil fields and includes plans to deploy 250 drilling rigs as part of a larger package of 61 signed agreements.
Acting president Delcy Rodríguez reported that oil production in Zulia has risen from 70,000 barrels per day to 370,000 barrels per day, with expectations to reach 400,000 barrels per day by the end of the year.
