Venezuela’s interim President Delcy Rodriguez said on Saturday that a new energy agreement with the United States will remain in force for 25 years, as Caracas seeks to revive its oil industry and increase government revenues.
The deal covers the development of 17 strategic oilfields, with an initial production target of more than 1.5 million barrels per day (bpd), Rodriguez said in a televised address.
She said the target applies to the bilateral U.S.-Venezuela agreement, while a broader energy expansion plan also includes eight new greenfield oil blocks.
The announcement follows U.S. President Donald Trump’s plan for American companies to take partial control of Venezuela’s vast oil reserves and help rebuild its struggling energy sector.
Venezuela holds the world’s largest proven oil reserves but currently produces about 1.25 million bpd after years of underinvestment, mismanagement and sanctions.
Rodriguez estimated the agreement could generate about $209 billion in revenue for the Venezuelan state over its lifetime, based on an oil price of $65 a barrel.
She said about $19 from each barrel produced and sold under the arrangement would go directly to the Venezuelan government.
Rodriguez stressed that Venezuela would retain ownership and sovereignty over its natural resources while gaining access to foreign capital, technology and operational expertise.
The government is preparing to sign new oil exploration and production agreements with several companies next week, including U.S. firms, with Chevron expected to transition its Venezuelan ventures into the new framework.
The deal has also drawn opposition in Caracas, where pro-government groups protested against the U.S. presence, highlighting the political tensions surrounding Washington’s expanding role in Venezuela’s oil industry.