Venezuela, US Ink 25-Year Energy Deal Worth Billions

Venezuelan interim President Delcy Rodríguez announced that the country's energy agreement with the United States would last for 25 years, aiming to boost crude oil production to over 1.5 million barrels per day (bpd).

The agreement, described by Rodríguez as a historic step to revive Venezuela's economy and increase government revenue, envisions the development of 17 strategic oil fields with a target production of more than 1.5 million bpd.

Rodríguez stated that this initial goal would come from bilateral cooperation between Venezuela and the US, with a broader plan including the development of eight new oil blocks as part of Venezuela's energy sector expansion.

The US had previously announced plans to take partial control of Venezuela's oil reserves through partnerships with private companies, securing majority control over more than 65 billion barrels of proven oil reserves.