Venezuela’s interim President Delcy Rodriguez has defended a landmark energy agreement with the United States, insisting that the country will retain ownership and sovereignty over its vast natural resources despite granting Washington significant access to its oil reserves.
The 25-year agreement aims to revive Venezuela’s struggling oil industry by developing 17 strategic oilfields, with an initial production target of more than 1.5 million barrels per day. The wider plan also includes eight new oil blocks, according to Rodriguez.
Under the arrangement, around $19 from every barrel of oil produced and sold to the United States would flow directly to the Venezuelan state. Rodriguez said the deal could generate approximately $209 billion in annual revenue for Caracas, based on an assumed oil price of $65 per barrel, although actual earnings would depend on market prices.
The agreement follows US President Donald Trump’s announcement that American interests would gain majority control involving more than 65 billion barrels of Venezuela’s proven oil reserves. The deal is intended to attract foreign capital, technology and operational expertise to an industry weakened by years of sanctions, underinvestment and mismanagement.
Rodriguez described the agreement as historic and said it could help transform Venezuela’s oil resources into a source of economic and social development.
However, the deal has also sparked opposition in Caracas, where pro-government groups have protested against increased US involvement. Venezuelan officials are expected to finalize new exploration and production agreements with several companies, including US firms, in the coming days.
