VENEZUELA · ENERGY

Venezuela’s interim leader told business owners that more energy contracts and multilateral money are coming, but the bolívar stays.

Venezuela’s acting president, Delcy Rodríguez, said on Thursday, 8 October, that her government is negotiating 44 more oil and gas agreements. The new Venezuela oil deals would add to 61 already signed, she told the country’s main business federation in Caracas.

For US investors, the speech signals that the energy opening after Nicolás Maduro’s capture in January is still widening. Rodríguez also said she expects about US$12 billion in financing over two years, and she ruled out adopting the US dollar.

What Rodríguez Told Fedecámaras

Rodríguez spoke at the opening of the 82nd annual assembly of Fedecámaras, Venezuela’s main federation of business chambers. The organiser had scheduled the meeting for 8 and 9 October at the Eurobuilding hotel in Caracas.

State broadcaster Venezolana de Televisión published video of her appearance. She said the 105 signed and pending agreements could create about 320,000 jobs within four years, the Caracas news site TalCual reported.

She also said oil production has grown 8% so far this year, TalCual reported. Neither figure came with a published breakdown, and no list of the 44 pending contracts was released.

The speech followed a concrete example of the opening a day earlier. On Wednesday, 7 October, California-based Pacific Coast Energy Company announced agreements with state oil firm PDVSA worth about US$3.5 billion, TalCual reported.

The company said it took over the Delta and Cabimas oil blocks and aims to double output within six months. Its starting point is about 19,300 barrels a day, and it targets a peak of 150,000 to 160,000.

Caracas seen from El Ávila mountain; the capital hosted the Fedecámaras business assembly on 8 October (file photo). Photo: Wilfredor / Wikimedia Commons (CC BY-SA 3.0)

US$12 Billion and the Return of the Lenders

Rodríguez said Venezuela has restored ties with the International Monetary Fund, the World Bank and the Inter-American Development Bank (IDB). It also kept its relationship with CAF, the Latin American development bank.

She said the government estimates Venezuela will receive about US$12 billion in public and private financing over two years, El Nacional reported. That is more than three times the value of the Pacific Coast Energy agreement announced a day earlier.

She did not say how much would come from each lender or from private banks. She said the money should reach large, medium and small firms as well as entrepreneurs, TalCual reported.

No Dollarization, but US Banks Wanted

Rodríguez rejected calls from some business leaders to adopt the dollar as the official currency. “It is not dollarization that will solve Venezuela’s problem,” she said, according to Efecto Cocuyo, an independent Venezuelan outlet.

She said the gap between the official and parallel exchange rates fell from 65.7% in January to 11.7% in October. She wants to narrow it further “with international banking, with US banking,” TalCual reported.

She also promised a tax reform to “harmonise” the tax burden, without giving a date. A reform of the electricity law would follow “in the coming days, weeks,” and not later than this year.

Power Cuts Drive the Electricity Reform

The planned law would let private companies invest in power generation, transmission and distribution. Venezuela faces protests over blackouts that can exceed 10 hours, TalCual reported.

Rodríguez blamed the twin earthquakes of 24 June, which she said damaged 800 megawatts of capacity, of which 600 have been restored. She said agreements with General Electric and the company INSA would add 7,400 megawatts over time.

She also announced that the Christmas season will officially begin on 1 November. She said the early start would boost retail activity in the last quarter.

What It Means for You

For US energy investors, 44 pending contracts mean more chances to bid for Venezuelan fields, often alongside PDVSA. Any deal still has to fit US sanctions rules.

The Treasury’s Office of Foreign Assets Control, which polices those rules, last amended its Venezuela general licences on Monday, 28 September.

For US banks, Rodríguez’s appeal to “US banking” points to a possible role in Venezuela’s currency market. For General Electric shareholders, the power deals she cited could become a sizeable order book if they move from paper to contracts.

The United States is the largest shareholder in the IMF and the World Bank. Any new lending to Caracas will therefore pass through boards where Washington holds the biggest vote.

What Is Not Known

The government has not named the companies behind the 44 pending oil and gas deals or their value. It has not said how the US$12 billion splits between the IMF, World Bank, IDB, CAF and private lenders.

The texts of the tax and electricity reforms have not been published. The job, output and exchange-gap figures are the government’s own and could not be independently checked.

What Comes Next

The Fedecámaras assembly continues on Friday, 9 October. The federation has asked the government to address public services, credit and taxes, El Nacional reported.

The announcement does not mean any of the 44 deals is signed or that the US$12 billion has been approved. Watch for PDVSA contract signings and IMF or World Bank board decisions.

Frequently Asked Questions

Who is Delcy Rodríguez?

She was Nicolás Maduro’s vice president and has led Venezuela as acting president since his capture by US forces in January. Her government has reopened the oil sector to foreign companies.

What is Fedecámaras?

Fedecámaras is Venezuela’s main federation of private business chambers. Its 82nd annual assembly was scheduled for 8 and 9 October in Caracas.

How many Venezuela oil deals have been signed?

Rodríguez said 61 oil and gas agreements have been signed and 44 more are under negotiation. The government has not published a full list.

Will Venezuela adopt the US dollar?

No, according to Rodríguez, who said strengthening the bolívar is the priority. She acknowledged that some business leaders at the assembly favour dollarization.

Can US companies invest in Venezuelan oil?

Yes, within US sanctions rules and licences issued by the Treasury’s Office of Foreign Assets Control. A California firm announced a US$3.5 billion PDVSA deal on 7 October.

Sources: Fedecámaras; Venezolana de Televisión; US Treasury, OFAC recent actions; TalCual; TalCual (PCEC); Efecto Cocuyo; El Nacional (all accessed 9 October 2026).