Venezuelan interim President Delcy Rodriguez stated on Saturday that a new energy agreement with the United States is scheduled to last for 25 years. The bilateral project aims for a production target of more than 1.5 million barrels per day (bpd) through the development of 17 strategic oilfields. Rodriguez added that the broader plan also includes the development of eight greenfield blocks.
The announcement follows a statement on Friday by U.S. President Donald Trump regarding plans for the U.S. to take partial control of Venezuelan oil reserves. Trump stated that the U.S. has secured majority control of over 65 billion barrels of proven reserves through a partnership with private business. The move is intended to utilize American corporate expertise to rehabilitate Venezuela’s energy industry and provide a new crude source to help lower U.S. fuel prices.
Venezuela currently holds the world's largest proven oil reserves, though it produces only about 1.25 million bpd. Rodriguez attributed the industry's current condition to the effects of sanctions, mismanagement, and underinvestment. She emphasized that under the deal, Venezuela would maintain ownership and sovereignty over its natural resources while utilizing foreign capital and technology.
According to Rodriguez, the agreement could generate about $209 billion in state revenue, assuming a benchmark oil price of $65 per barrel. She noted that roughly $19 from every barrel sold under this framework would go directly to the Venezuelan government. Officials are expected to sign agreements next week granting new oil exploration and production rights to several companies, including U.S. firms. Two sources said Chevron was among the companies expected to finalize talks to transition its joint ventures into the new framework.
For the Venezuelan state, the financial scale involves a projected $209 billion in revenue over the life of the deal. Based on Rodriguez's figures, the government would receive $19 for every barrel produced under the arrangement. This influx of capital is intended to boost government revenue that has been restricted by limited oil production. Meanwhile, U.S. companies would gain expanded exploration and production rights, moving joint ventures into the new framework.
The concrete day-to-day change for Venezuelans hinges on the successful increase in oil output and the subsequent use of the $19-per-barrel revenue share. Pro-government groups in Caracas gathered on Saturday to protest the U.S. presence, signaling domestic political tension regarding the arrangement. What happens next involves the signing of specific corporate contracts next week. These documents will establish the rules for U.S. firms as they begin work on the 17 identified oilfields and the eight new greenfield blocks.