Venezuela expects nearly $76 billion in oil investment over five years, acting president says

Venezuela-US bilateral accord covers 17 oilfields and contemplates drilling 250 rigs Acting president Rodriguez says parties signed 61 agreements as part of broader package Zulia oil output rises to 370,000 bpd from 70,000 bpd, and could reach 400,000 bpd this year CARACAS, Oct 17 (Reuters) — Venezuela expects nearly $76 billion in oil investment over the next five years under recently signed agreements, acting President Delcy Rodriguez said on Saturday, adding that a bilateral accord with the US includes plans to drill 250 rigs. Since the January ouster of President Nicolas Maduro, the country has been reopening its energy sector to foreign investment with the backing of the administration of US President Donald Trump. The deals could help revive output in Venezuela, which has the world's largest proven crude oil reserves but produces well below levels seen a decade ago. Rodriguez said on national television the investments would bring direct benefits to Venezuela while also benefiting its partners, adding that the bilateral agreement with the US covers 17 oil fields and formed part of a broader package of 61 agreements signed by the parties. "Major investments are coming," she sa