Venezuela, US Sign Historic Energy Deal for 25 Years

Venezuela's interim President Delcy Rodriguez announced that her country has signed a historic energy agreement with the US, set to last for 25 years. The deal aims to revive Venezuela's battered oil industry by targeting production of over 1.5 million barrels per day (bpd) and generating around $209 billion in state revenue.

The agreement involves the development of 17 strategic oilfields, with an initial production goal of more than 1.5 million bpd. This figure applies specifically to the bilateral US-Venezuela arrangement and represents a significant increase from Venezuela's current output of 1.25 million bpd.

Rodriguez emphasized that Venezuela retains ownership of its natural resources, with the new agreement allowing for foreign capital, technology, and operational expertise to be used in rebuilding the industry.