Venezuela, US Sign 25-Year Energy Pact Targeting 1.5 Million bpd
Venezuela's interim president announced a 25-year US energy deal targeting 1.5 million bpd output and $209 billion in state revenue.
Venezuelan interim President Delcy Rodriguez announced on Saturday that a newly agreed energy framework with the United States will remain in force for 25 years. The accord, hailed as "historic" in a late-night address on state broadcaster VTV, is designed to revive the country's struggling economy and significantly boost government revenue.
Rodriguez said the bilateral project covers the development of 17 strategic oilfields with an initial production target of more than 1.5 million barrels per day (bpd). She clarified that this figure pertains solely to the US-Venezuela agreement and that the broader plan also includes eight greenfield oil blocks as part of a wider sector expansion.
The announcement follows US President Donald Trump's Friday statement outlining plans for American companies to take partial control of Venezuela's vast oil reserves. Trump said the US had secured majority control of more than 65 billion barrels of proven reserves through a partnership with private business, though he provided few other details.
Venezuela holds the world's largest proven oil reserves but currently produces only about 1.25 million bpd, far below its potential, due to years of underinvestment, mismanagement, and sanctions.
Rodriguez estimated the agreement could generate approximately $209 billion in revenue for the Venezuelan state, based on a benchmark oil price of $65 per barrel. She noted that roughly $19 from each barrel produced and sold under the arrangement would flow directly to Venezuela. She also stressed that the country retains full "ownership of and sovereignty" over its natural resources while leveraging foreign capital, technology, and operational expertise to recover an industry severely affected by sanctions.
Earlier on Saturday, dozens of pro-government groups gathered in downtown Caracas to protest against the US presence. Venezuelan officials are preparing to sign agreements next week granting new exploration and production rights to several companies, including US firms. Sources close to the negotiations indicated that Chevron is among the companies expected to finalize talks to transition its Venezuelan joint ventures into the new energy framework.