Prime Highlights-
- Rodriguez says the 25-year US Venezuela energy deal targets development of 17 strategic oilfields with production surpassing 1.5 million bpd.
- Agreement could generate about $209 billion for Venezuela while preserving full sovereignty over its natural resources.
Key Facts-
- Trump says US secured majority control of over 65 billion barrels of Venezuela’s oil reserves.
- Chevron among firms set to finalize new Venezuela energy deals next week.
Background-
Venezuela’s interim President Delcy Rodriguez confirmed a 25-year energy agreement with the United States, aimed at reviving the economy, boosting government revenue and expanding oil production. She called the accord historic, saying it would help shape the country’s future while strengthening its energy sector.
Rodriguez said the bilateral deal covers development of 17 strategic oilfields with a target of surpassing 1.5 million barrels per day, an initial milestone tied specifically to the US Venezuela partnership. She added that the wider energy strategy also includes eight new greenfield oil blocks.
The agreement follows an announcement from US President Donald Trump outlining plans for the United States to take a significant stake in Venezuela’s oil reserves, with American companies set to help rebuild the country’s energy industry and support lower domestic fuel prices. Trump said the US secured majority control of more than 65 billion barrels of Venezuela’s proven reserves through a partnership with private business.
Venezuela holds the world’s largest proven oil reserves and currently produces about 1.25 million bpd, leaving considerable room for growth as fresh investment and expertise enter the sector.
Rodriguez estimated the deal could generate about $209 billion for the Venezuelan state, based on a benchmark price of $65 per barrel, with roughly $19 per barrel flowing directly to government revenue. She said Venezuela retains full ownership and sovereignty over its resources while gaining capital, technology and expertise to support the industry’s recovery.
Meanwhile, groups of government supporters rallied in Caracas in a show of national solidarity around Venezuela’s energy sovereignty, reflecting the strong feelings the deal has stirred, as officials prepare to finalize new exploration agreements next week, including with Chevron.
