US and Venezuela Ink 25-Year Energy Deal with Ambitious Oil Output Targets

Venezuela and the United States have signed a new 25-year energy agreement that aims to boost crude oil output in Venezuela to 1.5 million barrels per day (bpd).

The deal, which was announced by Venezuelan interim President Delcy Rodriguez on Saturday, includes the development of 17 strategic oilfields and eight greenfield oil blocks.

Rodriguez stated that the agreement will generate about $209 billion in revenue for Venezuela over its 25-year term, based on a $65-per-barrel benchmark, with roughly $19 per barrel flowing directly to the state.

The deal also preserves national sovereignty over Venezuela's natural resources, while leveraging capital, technology, and operational expertise from U.S. companies to support the recovery of Venezuela's oil industry.