Tue, 11 May 2021 22:19 UTC
It is unclear, however, how the state oil company plans to raise such a vast sum of money from investors while remaining under sanctions from the US which affect both funding and oil sales.
Venezuelan state-owned oil giant Petroleos de Venezuela SA (PDVSA) believes an investment of $77.6 billion can set the country's oil and gas industry back on its feet, according to an internal document obtained by Reuters. The paper titled "Investment Opportunities", reportedly drafted in February 2021 not long after new US President Joe Biden was inaugurated, envisages a total overhaul of the country's gas and oil infrastructure, oilfields, refineries and other facilities to increase crude output to several million barrels per day instead of the present 578,000.