Venezuelan interim President Delcy Rodriguez cited data from the International Energy Agency showing that approximately 80% of the world’s oil fields are either depleted or in decline. She asserted that Venezuela possesses “green fields” of virgin oil reserves ready for exploitation.
The Venezuelan Foreign Ministry website reported on Tuesday that Rodriguez considers this a strategic opportunity, positioning Venezuela as a pivotal player in addressing the anticipated energy deficit in international markets in the coming years, given the rising global demand for energy.
The report stated that the Venezuelan government plans to attract investments estimated at around $18 trillion, the amount needed to meet projected global demand of 123 million barrels per day by 2050, according to estimates by the Organization of the Petroleum Exporting Countries (OPEC).
According to the website, the hydrocarbons law reforms aim to attract international capital by providing legal guarantees and a regulatory framework aligned with global standards, ensuring Venezuela’s transformation into a major international energy producer.
It noted that Rodríguez emphasized that these investments will be managed through the National Economic Council, strengthening domestic industry and supporting the local business sector, citing examples of companies that rely on Venezuelan labor for 99% of their workforce and affirmed that the next phase aims to achieve economic development and social welfare through integrated coordination between foreign capital and the national private sector.
