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Venezuela and U.S. sign 25-year energy pact for 17 oil blocks

9/7/2026

2 1 Full Breakdown

Summary

Story summary

Venezuela and United States signed a 25-year strategic energy pact covering 17 oil blocks.
The deal aims to raise output above 1.5 million barrels daily and generate $209.335 billion.
Fiscal terms give Venezuela $19 per barrel sold, based on a $65 price.
GE Vernova will add 1 GW capacity within 24 months and restore the Guri Dam.
U.S. Energy Secretary Chris Wright arrived in Caracas on September 2, 2026 to finalize the agreement.

History

Historical Context

The 2024 25-year U.S.–Venezuela oil agreement revives the cooperation forged after Venezuela nationalized its oil sector in 1976, creating PDVSA, and after the 1973 oil crisis that quadrupled Venezuelan revenues. Recent U.S. policy shifts—sanctions lifted in October 2023—now enable the pact to aim for 1.5 million barrels daily, echoing the 1970s partnership.

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Story summary

Venezuela and United States signed a 25-year strategic energy pact covering 17 oil blocks.
The deal aims to raise output above 1.5 million barrels daily and generate $209.335 billion.
Fiscal terms give Venezuela $19 per barrel sold, based on a $65 price.
GE Vernova will add 1 GW capacity within 24 months and restore the Guri Dam.
U.S. Energy Secretary Chris Wright arrived in Caracas on September 2, 2026 to finalize the agreement.

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