Venezuela Confirms 25-Year Energy Deal With United States

Venezuela’s interim president has confirmed that a newly announced energy agreement with the United States will remain in effect for 25 years, targeting an increase in crude oil production to 1.5 million barrels per day. Speaking on state television, she described the deal as historic, saying it would help restore the country’s economy and significantly increase government revenue while preserving national control over its natural resources.

Deal Covers Development of Multiple Oilfields

According to the announcement, the agreement includes development of 17 strategic oilfields as part of the bilateral project, with plans to expand further through eight additional oil blocks. The production target of 1.5 million barrels per day was described as an initial benchmark rather than a final goal.

US Secures Majority Stake in Oil Reserves

The agreement follows an announcement from the U.S. president outlining plans for American companies to gain majority control over a large portion of Venezuela’s proven oil reserves, one of the largest in the world. Venezuela currently produces far below its potential capacity due to years of underinvestment and international sanctions.

Revenue Projections and Sovereignty Assurances

Venezuelan officials estimate the deal could generate over $200 billion in state revenue based on current oil price benchmarks, with a portion of earnings from each barrel flowing directly to the government. Officials emphasized that Venezuela retains ownership and sovereignty over its resources while gaining access to foreign capital, technology and operational expertise to help rebuild its energy sector.

Some domestic groups have publicly protested the increased U.S. involvement, even as officials move forward with plans to formalize new oil exploration and production agreements with several international companies in the coming days.