Venezuela's oil sector to generate 324,000 jobs over ten years

Venezuela's oil and gas sector will generate 324,000 jobs over the next ten years, thanks to a projected $76 billion in investment over a five-year period, according to the daily El Nacional.

The capital injection aims to revitalize an industry that is key to the national economy after years of contraction and sanctions. Projects of this kind require a complex supply chain of goods and services, which has a direct impact on hiring specialized personnel and on activating local suppliers.

The recovery context is reflected in recent macroeconomic performance. According to data from the International Monetary Fund (IMF), real gross domestic product (GDP) grew 4.0% in 2023 and 5.3% in 2024, followed by a slowdown to 1.5% in 2025.

For the coming years, IMF projections point to a recovery in economic activity, with real GDP growth estimated at 4.0% for 2026 and 6.0% for 2027, figures that depend on institutional stability and on the execution of the announced investment plans.

Whether these projections are consolidated and translated into well-being for citizens will depend on the sector's capacity to overcome structural bottlenecks and to maintain a steady flow of capital into productive infrastructure.