Venezuelan interim President Delcy Rodriguez said on Saturday that an energy agreement with the United States would remain in force for 25 years, setting an initial target of more than 1.5 million barrels per day (bpd) from 17 strategic oilfields while preserving Venezuela’s sovereignty over its natural resources.
Rodriguez described the accord as a “historic” deal that could help revive Venezuela’s battered economy, increase government revenue and shape the country’s economic future. She made the comments during a late-night address broadcast on state broadcaster VTV.
“This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day,” Rodriguez said. She stressed that the figure applied solely to the bilateral agreement between Venezuela and the United States.
The 1.5 million bpd target would represent an initial objective rather than the full scope of the proposed expansion. Rodriguez said the broader plan would also involve the development of eight greenfield oil blocks as part of a wider effort to expand Venezuela’s energy sector.
The announcement followed President Donald Trump’s declaration on Friday that the United States planned to take partial control of Venezuela’s vast oil reserves. Trump said American companies could help revive the South American country’s struggling energy industry while providing an additional source of crude aimed at helping lower US fuel prices.
Trump provided few details of the agreement but said the United States had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with private business.
Venezuela possesses the world’s largest proven oil reserves but currently produces only about 1.25 million bpd, substantially below its potential. Years of underinvestment, mismanagement and sanctions have contributed to the decline in production.
Rodriguez said the agreement could generate about $209 billion in revenue for the Venezuelan state, based on a benchmark oil price of $65 per barrel. She acknowledged, however, that crude prices could fluctuate. Under the arrangement, she said, roughly $19 from each barrel produced and sold would flow directly to Venezuela, potentially providing a significant increase in government revenue.
The interim president also sought to stress that greater US involvement would not mean the transfer of ownership of Venezuela’s natural resources. She said the country retained “ownership of and sovereignty” over its resources while using foreign capital, technology and operational expertise to support the recovery of an industry severely affected by sanctions.
The proposed agreement has nevertheless emerged amid opposition to the increased US presence in Venezuela. Earlier on Saturday, dozens of pro-government groups gathered in downtown Caracas to protest against the United States’ presence in the country.
Rodriguez, meanwhile, welcomed Trump’s announcement, arguing that the agreement would support economic growth and strengthen government finances. Venezuelan officials are preparing to sign agreements next week granting new oil exploration and production rights to several companies, including US firms.
The next stage is expected to involve individual companies moving their Venezuelan operations into the new energy framework. Two sources close to the negotiations said on Friday that Chevron was among the companies expected to finalise talks to transition its Venezuelan joint ventures into the country’s new energy framework.
The agreement therefore places Venezuela’s oil industry at the centre of a major new economic arrangement with Washington, with the government presenting the proposed 25-year partnership as a route to increased production, investment and state revenue while insisting that national ownership of its natural resources will remain intact.
