Venezuela and U.S. Seal 25-Year Energy Deal Aimed at 1.5 Million bpd Production

On August 29, interim President Delcy Rodríguez announced a bilateral energy agreement with the United States that will span 25 years. The pact envisions the development of 17 strategic oilfields and sets an initial production target of more than 1.5 million barrels per day (bpd). Rodríguez emphasized that the arrangement preserves Venezuela’s “ownership of and sovereignty” over its natural resources while leveraging foreign capital, technology, and operational expertise.

TRT WorldReutersVenezuela’s interim president affirms US energy deal lasting 25 years

Rodríguez described the accord as “historic,” saying it will revive the economy and boost government revenue. She noted that the 1.5 million-bpd goal is an initial benchmark and that the broader plan includes eight greenfield oil blocks for further expansion. President Donald Trump announced that the United States has secured majority control of more than 65 billion barrels of proven reserves through partnerships with private firms, positioning the deal as a new source of crude for U.S. fuel markets. Reuters-cited sources indicated that Chevron is among the U.S. companies expected to finalize talks to transition its Venezuelan joint ventures into the new framework.

Reuters

• Production target: >1.5 million bpd (initial goal).

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• Reserves under U.S. control: >65 billion barrels.

Reuters

• Projected state revenue: about $209 billion over the life of the agreement, based on a benchmark oil price of $65 per barrel.

Reuters

• Revenue per barrel: roughly $19 will flow directly to the Venezuelan state.

Reuters

• Investment outlook: more than $100 billion in private-sector investment is expected to flow into the battered oil sector.

Venezuela’s interim president affirms US energy deal lasting 25 years

Venezuelan officials are preparing to sign the necessary exploration and production contracts next week, granting new rights to several companies, including U.S. firms such as Chevron. The agreements will formalize the joint-venture structure and set the stage for the planned field developments.

Reuters

• “That figure relates solely to the bilateral agreement between Venezuela and the United States.” — Delcy Rodriguez, venezuelan interim president

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• “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,” — Delcy Rodriguez, venezuelan interim president

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