Venezuela Says US Energy Deal Will Run for 25 Years

Venezuela’s interim President Delcy Rodriguez says the country’s new energy agreement with the United States will remain in effect for 25 years and aims to significantly increase the nation’s oil production.

Rodriguez said the agreement will involve the development of 17 strategic oil fields, with an initial production target of more than 1.5 million barrels per day. She added that the broader energy plan includes the development of eight new oil blocks.

The Venezuelan leader described the agreement as a historic deal that could help revive the country’s struggling economy, attract investment and increase government revenue.

US President Donald Trump announced on Friday that the United States would take partial control of Venezuela’s vast oil resources through partnerships with private companies. He said the arrangement could help restore Venezuela’s damaged oil industry while increasing crude supplies to the US market.

Venezuela holds the world’s largest proven oil reserves but currently produces around 1.25 million barrels per day, well below its potential. Years of underinvestment, mismanagement and US sanctions have contributed to the decline.

Rodriguez estimated that the new arrangement could generate about $209 billion in revenue for the Venezuelan government, based on an assumed oil price of $65 per barrel. She said approximately $19 from each barrel produced and sold under the agreement would go directly to the Venezuelan state.

She insisted that Venezuela would retain ownership of its natural resources and sovereignty over them, while benefiting from foreign capital, technology and operational expertise.

The agreement has also triggered opposition inside Venezuela, with dozens of pro-government groups gathering in central Caracas on Saturday to protest the US presence in the country.

Venezuelan officials are expected to sign new agreements next week granting oil exploration and production rights to several companies, including US firms. Chevron is among the companies reportedly expected to transition its Venezuelan joint ventures into the new energy framework.

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