Venezuela expects to attract nearly $76 billion in oil investments over the next five years through a series of new agreements, Acting President Delcy Rodriguez announced Saturday, as the country steps up efforts to revive its struggling energy sector.

Speaking on state television, Rodriguez said the commitments include a bilateral agreement with the United States covering 17 oil fields, alongside plans to deploy 250 drilling rigs. The initiatives form part of a broader package of 61 agreements designed to boost crude production and attract international capital.

“Major investments are coming,” Rodriguez said, noting that the projected spending could benefit both Venezuela and its foreign partners.

The announcement comes as Venezuela seeks to reopen its oil industry to foreign investors following the removal of President Nicolas Maduro in January. The push has received support from U.S. President Donald Trump's administration, which has backed efforts to bring international energy companies back into the country.

Venezuela holds the world's largest proven crude oil reserves, but its production remains well below levels recorded a decade ago. Years of underinvestment, operational challenges at state-owned oil company PDVSA and U.S. sanctions have weighed on the industry's ability to expand output.

Rodriguez also pointed to improving production in Zulia, a key oil-producing state in western Venezuela. According to her, output in the region has risen from 70,000 barrels per day to 370,000 barrels per day, although she did not specify the timeframe for the increase.

The government is targeting production of 400,000 barrels per day in Zulia by the end of 2026.

The proposed investments could help modernize ageing infrastructure, expand drilling operations and restore production capacity across the country's oil fields. However, the success of the plan will depend on whether the announced agreements translate into actual spending and whether Venezuela can maintain a stable environment for foreign investors.