Venezuela's Energy Deal with US to Span 25 Years
Venezuela's interim President Delcy Rodríguez announced on Saturday that the country's energy agreement with the US will run for 25 years. The deal covers the development of 17 oilfields, which are expected to produce more than 1.5 million barrels of crude per day.
The project also includes the development of eight new oil blocks and could generate about $209 billion for Venezuela, based on an oil price of $65 per barrel. Approximately $19 from every barrel sold under the deal would go to the Venezuelan government.
Rodríguez emphasized that Venezuela will retain ownership and sovereignty over its natural resources while receiving foreign capital, technology, and operational support. The agreement was announced by US President Donald Trump on Friday, who said the US had secured majority control over more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private companies.