Venezuela expects nearly $76 billion in investment in the oil sector over the next five years.

Venezuela's acting president Delcy Rodrguez said on Saturday that the country expects its oil and gas sector to attract nearly $76 billion in investment over the next five years, as Venezuela actively brings in private capital to boost energy production. The acting president said the government, relying on a revised oil and gas framework, has signed 61 cooperation agreements, with another 44 under negotiation. Rodrguez said the related projects will combine foreign investment, Venezuelan local capital and labor. She said the planned investment will create more than 324,000 direct, indirect and induced jobs. Rodrguez also mentioned that after oil production increases in Zulia state, the state is expected to produce liquefied petroleum gas, first to meet domestic demand and later for export.