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Venezuela Oil Investment in 2026: $76 Billion Expected, the Contracts, Tax Terms, Licenses and Risks

Venezuela expects nearly $76 billion of oil and gas investment over the next five years, according to Acting President Delcy Rodríguez, who said on October 17, 2026 that 61 agreements are signed and 44 more are being negotiated under the new hydrocarbons framework. That is about $15 billion a year, if spread evenly (our own arithmetic). Foreign companies can invest as minority partners in mixed companies or as private operators under new contracts, but they work under U.S. sanctions licenses and face real risks. Data as of November 2, 2026. This page is information, not investment advice.

Venezuela oil investment at a glance
Expected investment Nearly $76 billion over five years (government)
Agreements 61 signed, 44 under negotiation (as of October 17)
Royalty Up to 30% of extracted volume
Comprehensive tax Up to 15% of gross income
Income tax 50%, reducible
Contract terms Private contracts and mixed companies of 25 years (plus up to 15)
U.S. license for new deals GL 49B (contingent contracts)

How much investment is Venezuela expecting?

Rodríguez said at the close of an energy conference in Maracaibo, with more than 150 domestic and international companies, that Venezuela expects almost $76 billion in investment in oil and gas over five years, per World Oil. Reuters reports it as oil investment; World Oil says oil and gas without splitting it. She projected more than 324,000 direct, indirect and induced jobs. These are government expectations, not signed money: no source I read breaks the figure down by year or project.

How can a foreign company invest in Venezuelan oil?

Under the January 2026 reform of the Organic Hydrocarbons Law, per Baker McKenzie, there are two routes:

  1. As a minority partner in a mixed company (where the State holds more than 50%). The Ministry of Hydrocarbons can authorize the partner to sell production, hold bank accounts abroad and run the technical operation. Mixed companies last 25 years, extendable by up to 15, and no longer need a National Assembly law to be created.
  2. As a private operator under a contract with a company wholly owned by the State. The operator must be domiciled in Venezuela and show technical and financial capacity, and it works at its own cost and risk. It is paid with a percentage of the audited production. These contracts are exempt from the public procurement law.

One type of contract already in use is the Productive Participation Contract (CPP): for example, GeoPark’s 25-year CPP for the Bare Block took effect on November 2 (the news). More on the law itself: the hydrocarbons law (in Spanish).

What are the fiscal terms?

Per Baker McKenzie: royalty of up to 30% of the extracted volume, set project by project; a comprehensive hydrocarbons tax of up to 15% of gross income; and income tax of 50%, which the Ministry of Finance can reduce when needed to keep a contract economically balanced. The reform also repealed the 2006 “shadow tax” and the 2013 windfall tax. Wood Mackenzie calculated that at maximum rates the State takes the equivalent of about 45% of gross revenue, which it called high compared with competing markets, and that executive discretion over reductions is a concern for investors.

What U.S. licenses apply to a new investment?

U.S. sanctions are still in force. For new investment the key license is GL 49B, which authorizes negotiating and signing contingent contracts for new investment in oil, gas, petrochemicals and electricity, provided that performance depends on a separate OFAC authorization. It excludes persons in Russia, Iran, North Korea, Cuba and China. GL 50C authorizes oil and gas operations of the entities listed in its annex, with payments going into U.S. Treasury accounts; I did not read the annex. The full map is in Venezuela sanctions.

Who has invested so far?

For listed companies with exposure, see Venezuela oil stocks.

What are the risks?

What is not known