Venezuela’s interim President Delcy Rodríguez announced a 25-year bilateral energy agreement with the United States aimed at expanding oil production to more than 1.5 million barrels per day, up from current levels near 1.25 million bpd.
The pact covers the development of 17 strategic oil fields and includes eight previously unexplored blocks. Under the terms, the U.S. will assume control of more than 65 billion barrels of Venezuela’s proven reserves through private-sector partnerships, while Venezuela retains ownership and sovereignty over its natural resources, Rodríguez stated.
Revenue projections indicate the deal could generate approximately $209 billion for the Venezuelan state, based on an assumed oil price of $65 per barrel. Of each barrel produced and sold under the agreement, roughly $19 would flow directly to Venezuela, according to Rodríguez.
The initiative seeks to revitalize Venezuela’s energy sector, which has suffered from years of underinvestment, mismanagement, and sanctions. Rodríguez emphasized that the accord is exclusively bilateral, excluding other international actors.
The announcement follows a U.S. proposal, disclosed on Friday, for Washington to take partial control of Venezuela’s oil reserves as part of broader economic cooperation efforts.
