Venezuela sees $76 billion in oil, gas investments over five years: Acting President
Mexico City, Oct 18 (Sputnik/UNI) Venezuela expects nearly $76 billion in investments in its oil and gas sector over the next five years as part of recently concluded agreements, including a bilateral deal with the United States that involves the operation of 250 drilling rigs, the country's acting president, Delcy Rodriguez, said.
"We are talking about investments totaling nearly $76 billion over five years," Rodriguez said at the closing of an energy, oil, and gas conference in the Venezuelan state of Zulia. According to Rodriguez, Venezuela has already signed 61 agreements in the oil and gas sector, with another 44 currently under negotiation.
She emphasised that the contracts included provisions for the participation of domestic capital and Venezuelan workers. Rodriguez specifically highlighted a bilateral agreement with the United States, which she noted involves the operation of 250 drilling rigs. Each rig will require the hiring of approximately 200 workers.
"If we look at all the sectors that will be involved - metalworking, transport and logistics, food services, hospitality, equipment leasing, professional services, and security - virtually every sector of the national economy will be revitalised and energised thanks to these agreements," she said. Consequently, these agreements are set to generate 324,000 jobs in Venezuela, including direct, indirect, and induced employment, over the coming years, she added. The agreements concluded with foreign investors provide for various forms of cooperation, including joint ventures, production participation contracts in the oil and gas sector, and technical-financial alliances.
Regarding the situation in Zulia, Rodriguez said that oil production in the state has increased to 370,000 from 70,000 barrels per day. According to the acting president, Zulia will finish the current year with an output of 400,000 barrels per day, and, with continued production growth, could become a producer of liquefied natural gas next year.
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