Venezuela's interim President Delcy Rodriguez said a new energy agreement with the US will run for 25 years.
The deal is expected to involve US companies in rebuilding Venezuela's oil industry.
Rodriguez said the agreement could generate around $209 billion in state revenue and help revive Venezuela's battered energy sector.
Venezuelan interim President Delcy Rodriguez on Saturday said a new energy agreement with the United States will remain in force for 25 years and target crude oil production of more than 1.5 million barrels per day (bpd), while retaining Venezuela’s ownership of its natural resources.
Calling the agreement “historic”, Rodriguez said the deal would help revive Venezuela’s battered oil industry, strengthen government revenues and shape the country’s economic future.
“This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day,” Rodriguez said in a late-night address broadcast on state television.
She clarified that the 1.5 million bpd target applies specifically to the bilateral US-Venezuela arrangement and represents an initial production goal. The broader plan, she said, also involves developing eight greenfield oil blocks as part of a wider expansion of the energy sector.
Trump Announces US Role In Venezuela’s Oil Sector
The agreement follows US President Donald Trump’s announcement on Friday that Washington would take partial control of Venezuela’s vast oil reserves and bring American companies into efforts to rebuild the country’s energy industry.
Trump said the US had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with private companies, although he provided few details about the arrangement.
Venezuela holds the world’s largest proven oil reserves but currently produces around 1.25 million bpd, well below its potential. Years of underinvestment, mismanagement and US sanctions have severely weakened the country’s oil sector.
Rodriguez said the new agreement could generate around $209 billion in revenue for the Venezuelan state, based on an oil price of $65 a barrel, while acknowledging that crude prices would fluctuate.
She said about $19 from every barrel produced and sold under the arrangement would flow directly to the Venezuelan government.
Caracas Insists On Sovereignty Over Oil
Rodriguez sought to reassure Venezuelans that the agreement would not transfer ownership of the country’s natural resources to the US.
She said Venezuela retained “ownership of and sovereignty” over its natural resources while using foreign capital, technology and operational expertise to rebuild an industry severely affected by sanctions.
Venezuelan officials are expected to sign new agreements next week granting oil exploration and production rights to several companies, including US firms.
The announcement has nevertheless faced opposition inside Venezuela. Dozens of pro-government groups gathered in downtown Caracas on Saturday to protest against the US presence in the country.
Rodriguez has defended the agreement as an opportunity to restore oil production, revive the economy and increase state revenues while maintaining Venezuela’s control over its natural resources.
