Venezuela is expecting to attract approximately $76 bn in investment in its oil and natural gas sectors over the next five years as the government seeks private capital to boost production, interim President Delcy Rodríguez said on October 18, Bloomberg reported.

Rodríguez announced the estimate at the close of an energy conference in Maracaibo, the capital of oil-producing Zulia state.

More than 150 domestic and international companies attended the event to discuss investment opportunities and efforts to revive production.

She stated the government had signed 61 agreements under an updated framework for regulating the hydrocarbon sector and was negotiating another 44, adding that the projects aim to combine foreign investment with Venezuelan capital and labor.

The expected investments could generate more than 324,000 direct, indirect, and induced jobs, she added.

On October 8, Rodríguez said that national oil production had increased by 8% during the year and that 61 oil and natural gas agreements had been signed to strengthen the industry and support domestic industrial development.