Venezuela Secures 25-Year Oil Deal with US, Boosts Production by 1.5 Million Barrels

Venezuela has signed a historic oil agreement with the United States that will last for 25 years and aims to boost the country's daily production to over 1.5 million barrels, according to Venezuelan interim President Delcy Rodriguez.

The deal covers the development of eight crude oil fields in the Orinoco Oil Belt, which spans more than 55,000 square kilometers in eastern and east-central Venezuela. The agreement involves energy giants including Chevron, Repsol, Eni, Shell, and BP, and is expected to generate $209.335 billion in revenue for Venezuela.

Rodriguez said that Venezuela would receive approximately $19 for every barrel produced and sold under the arrangement, with a royalty rate of at least 16% and an income tax rate of 34%. The deal also includes capital, technology, and operational capacity from Washington to revitalize the strategic sector.

US President Donald Trump has announced that this is 'the biggest oil deal in history', crediting Secretary of State Marco Rubio for his efforts in reaching the agreement. Rodriguez thanked Trump and Rubio for their work, saying that 'each side contributed what it does best'.