© MIGUEL GUTIERREZ/EPA
Venezuela expects $76 billion in investment in its hydrocarbon sector over the next five years, with projects projected to generate 324,000 direct, indirect and induced jobs, Acting President Delcy Rodríguez announced Saturday.
RELATED: Venezuela Promotes Venezuela Feeds Plan and Local Economy Law to Achieve “Hunger 0”
Addressing the 2026 Energy, Oil and Gas Conference in Maracaibo, Zulia state, the Venezuelan Acting President reported that 61 hydrocarbon agreements had been signed, while another 44 remained under negotiation. She emphasized that the arrangements were intended to deliver returns for investors while benefiting the country.
The new energy contracts also include provisions for oil fields to generate their own electricity, Delcy Rodríguez explained. The measure is expected to free up capacity in the national power system and improve electricity supply for the population.
To attract investment and expand hydrocarbon production, Venezuela is offering several business models, including joint ventures, productive participation contracts, technical and financial partnerships, and specialized service agreements.
Text Reads: Venezuela’s acting president, Delcy Rodríguez, highlighted the Hydrocarbons Law as a cornerstone for transforming the Venezuelan energy sector.
At the conclusion of the 2026 Energy, Oil, and Gas Conference, the acting president emphasized that the legislation offers a flexible fiscal regime and absolute legal certainty to investors.
She pointed to Article 19, which guarantees the participation of domestic capital in the 61 agreements already signed and the 44 currently under negotiation, with the working class at the core.
Acting President Delcy Rodríguez highlighted provisions in the country’s Hydrocarbons Law that allow taxes and royalties to be adjusted according to the scale of each investment. The legislation also establishes arbitration and dispute-resolution mechanisms intended to provide legal certainty for investors.
The law further requires the state, organizations and companies to incorporate Venezuelan-owned businesses into procurement processes under conditions designed to ensure the effective use of domestic goods, services, labor and capital.
In Zulia, oil production has risen from 70,000 barrels per day to 370,000 barrels per day, according to figures presented by Delcy Rodríguez. She projected that output would reach 400,000 barrels per day by the end of the year and forecast that the state would begin producing liquefied petroleum gas (LPG) in 2027 as production expands.
The conference, known as CEPEG 2026, took place alongside the Zulia Energy Forum. Organized by the Venezuelan Petroleum Chamber, the events brought together more than 150 domestic and international companies, including oil operators and service providers, to discuss investment models, technological development and the revival of hydrocarbon production in the region.
Acting President attended alongside Héctor Obregón, president of state oil company PDVSA, and Anabel Pereira, vice president for administration and digital government.
The Venezuelan Acting President projected that the agreements signed and under negotiation would contribute to the creation of 324,000 direct, indirect and induced jobs over the next five to 10 years, presenting employment growth as one of the expected benefits of increased investment in the hydrocarbon sector.
Venezuela opened 12,769 polling stations on Sunday for its second National Popular Consultation of 2026, with communities voting on more than 37,000 projects proposed to address local needs.
RELATED: Venezuela Promotes Venezuela Feeds Plan and Local Economy Law to Achieve “Hunger 0”
The consultation involves 48,086 communal councils organized into communes, with voting taking place at 11,495 polling centers nationwide. Some 36,000 community members are serving on polling station boards, with technical support from the National Electoral Council (CNE).
The projects focus primarily on public services, social development and the local economy. Water infrastructure accounts for 14% of the proposals, acting President Delcy Rodríguez said Friday during a visit to the Villa Zoila social mission base in Caracas. Road improvements, street lighting, electricity, other public services and productive activities are also among the priorities identified by communities.
More than 428 proposals submitted by condominium boards are included in the vote, marking the first time these organizations have participated in the community consultation, according to the announcement.
The proposals are linked to the government’s Seven Transformations (7T) framework and reflect development priorities identified at the community level.
Rodríguez said the consultation gives Venezuelans a direct role in deciding how local needs are addressed, describing it as a way to strengthen community participation and popular power.
“The community must be in charge of decisions about the everyday issues affecting our people and our communities,” she said.
She also described the consultation as a significant advance in Venezuela’s political system and said the model of citizen participation should be preserved.
The Bolivarian National Armed Forces will deploy more than 130,000 personnel nationwide under Plan República during Sunday’s vote. The operation is intended to help maintain public order and ensure security throughout the electoral process.
The consultation allows participating communities to vote on locally proposed projects, with water infrastructure, road improvements and other essential public services among the priorities highlighted by Rodríguez.
Login