Venezuela reveals details of 25-year US energy agreement

Venezuelan interim President Delcy Rodriguez has said an energy agreement between Venezuela and the United States will remain in force for 25 years with the two countries targeting a significant increase in crude oil production.

Venezuelan interim President Delcy Rodriguez has said an energy agreement between Venezuela and the United States will remain in force for 25 years with the two countries targeting a significant increase in crude oil production.

In a late-night address broadcast on state television VTV Rodriguez described the agreement as a “historic” deal that could help revive Venezuela’s struggling economy increase government revenue and shape the country’s future.

She said the 25-year bilateral project involves the development of 17 strategic oilfields with an initial production target of more than 1.5 million barrels per day (bpd).

Rodriguez clarified that the 1.5 million bpd target applies specifically to the bilateral agreement between Venezuela and the US. She added that the broader energy plan includes the development of eight greenfield oil blocks as part of a wider expansion of Venezuela’s oil sector.

US President Donald Trump announced on Friday that Washington planned to take partial control of Venezuela’s vast oil reserves. He said American companies could help restore the country’s damaged energy industry while increasing crude supplies and potentially helping reduce fuel prices in the United States.

Trump provided few details but said the US had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through partnerships with private businesses.

Venezuela has the world’s largest proven oil reserves but currently produces around 1.25 million bpd, well below its potential. Years of underinvestment, mismanagement and sanctions have severely affected the industry.

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

Meanwhile, dozens of pro-government groups gathered in downtown Caracas on Saturday to protest against the US presence in the country.

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