- Venezuelan interim President Delcy Rodriguez said on Saturday that an energy agreement with the United States would remain in force for 25 years, target an increase in crude output to 1.5 million barrels per day (bpd) and preserve the country's sovereignty over its natural resources.
- Rodriguez hailed the accord as a "historic" deal that would help revive the economy and boost government revenue, saying it would help shape the country's future.
- The 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day, solely related to the bilateral agreement between Venezuela and the United States.
- Rodriguez added that the 1.5 million bpd target was only an initial goal, with the broader plan including the development of eight greenfield oil blocks as part of a wider expansion of the energy sector.
- 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, with roughly $19 from each barrel flowing directly to Venezuela.
Venezuelan interim President Delcy Rodriguez announced a landmark energy agreement with the United States, set to last 25 years and target an increase in crude oil production to 1.5 million barrels per day (bpd). This deal aims to preserve Venezuela's sovereignty over its natural resources while revitalizing its economy.13
Rodriguez described the accord as a "historic" opportunity to shape the country's future, emphasizing its potential to generate approximately $209 billion in revenue based on a benchmark oil price of $65 per barrel. She noted that roughly $19 from each barrel produced would flow directly to the Venezuelan government, significantly boosting its revenue.256
The agreement includes the development of 17 strategic oilfields and eight greenfield oil blocks, marking a significant expansion of Venezuela's energy sector. Rodriguez stated that the 1.5 million bpd target is just an initial goal, with broader plans for further development.4
This partnership comes as the U.S. seeks to leverage Venezuela's vast oil reserves, which are the largest in the world, to help lower domestic fuel prices. President Donald Trump previously announced plans for the U.S. to take partial control of these reserves, betting on American companies to revive the struggling energy industry in Venezuela.
Despite the potential benefits, Venezuela currently produces only about 1.25 million bpd, significantly below its capacity due to years of mismanagement and sanctions. The success of this agreement will depend on overcoming these challenges and effectively implementing the planned developments.
“Rodriguez hailed the accord as 'historic,' projecting $209 billion in state revenue at a $65 per barrel benchmark, with $19 from each barrel flowing to Venezuela. The 25-year project includes 17 strategic oilfields and eight greenfield blocks, with 1.5 million bpd as an initial goal.”
