Venezuela Unveils 25-Year US Oil Deal Targeting 1.5M Barrels Per Day, $209B in Revenue

Venezuelan interim President Delcy Rodríguez said Saturday that a new 25-year energy agreement with the United States aims to boost crude output to 1.5 million barrels per day while preserving national sovereignty over resources.

Deal Architecture Targets Major Output Expansion

"This 25-year bilateral project plans to develop 17 strategic oil fields," Rodríguez said on state television VTV. "This figure covers only the bilateral agreement between Venezuela and the United States."

The interim president's remarks followed President Donald Trump's Friday announcement that the U.S., through private-sector partnerships, had secured majority control over more than 65 billion barrels of Venezuelan oil reserves, aiming to increase crude supply and ease U.S. fuel price pressures.

Revenue Projections

Rodríguez said the broader plan also includes eight new oil field blocks, with Venezuela's current output at approximately 1.25 million barrels per day. Notably, Venezuela holds the world's largest proven oil reserves, yet production remains far below potential due to years of underinvestment, mismanagement, and sanctions.

Rodríguez estimated that, based on a benchmark price of $65 per barrel, the agreement could generate approximately $209 billion in revenue for Venezuela over the 25-year term, with roughly $19 per barrel flowing directly into state coffers.

Rodríguez also stated that the country retains "ownership and sovereignty" over its natural resources "while leveraging capital, technology, and operational expertise to support the recovery of this strategic industry severely impacted by sanctions."

According to Reuters, citing two sources close to the negotiations, Chevron is reportedly among the companies expected to finalize talks to transition its Venezuelan joint ventures into the new framework.

Trump's Sharp Turn Toward Rodríguez

Since the arrest of former President Nicolás Maduro, Trump's rhetoric toward Rodríguez has shifted markedly. In January, he warned she could face a "potentially worse situation than Maduro," before later calling her a "remarkable person."

By March, Rodríguez publicly thanked Trump for his "willingness to cooperate in good faith" after he praised her handling of Venezuela's oil industry.