US-Venezuela Oil Deal Sees 25-Year Partnership for 1.5M+ Daily Barrels

Venezuela and the United States have reached a historic agreement on a 25-year energy partnership, aiming to develop 17 oilfields and boost crude production above 1.5 million barrels per day.

The deal targets the development of eight additional greenfield blocks and carries an initial crude-production goal of more than 1.5 million barrels per day, with Venezuela retaining ownership of its natural resources and sovereignty over its petroleum sector.

According to interim President Delcy Rodríguez, the agreement establishes a 25-year framework for cooperation between Venezuela and the United States, with the US providing capital, technology, and operational expertise in exchange for Venezuelan oil resources, existing industrial assets, and workforce experience.