Caracas insists oil pact with Washington preserves national control
Venezuela's interim president Delcy Rodriguez said the country keeps ownership of its oil resources under a 25-year agreement with the US. The deal gives Venezuela $19 per barrel sold to the US, potentially generating $209bn annually. Rodriguez said it will help develop 17 strategic oilfields while safeguarding sovereignty.
The agreement covers approximately 65 billion barrels of Venezuelan crude over a 25-year term, with an initial output target of 1.5 million barrels per day across 17 designated oilfields. An additional eight undeveloped blocks are included in the broader energy expansion plan, with Chevron among the companies expected to sign exploration and production agreements next week.
The arrangement follows a dramatic shift in Venezuela's political landscape since January, when US special forces removed former President Nicolas Maduro and installed Rodriguez as interim leader. The deal provides Caracas with $19 per barrel sold to the US, which officials project could generate $209 billion annually depending on market prices, while foreign firms supply capital and technical expertise to rehabilitate infrastructure damaged by years of sanctions.
This agreement could reshape Venezuela's economic trajectory, potentially directing billions toward a state that has faced severe financial isolation. Venezuelan citizens may see improved oil sector employment and public services if revenues materialize as projected, though the arrangement's long-term sovereignty implications could generate domestic debate. Regional observers may view this as a precedent for how resource-rich nations navigate relationships with dominant powers, while energy markets could experience shifts in supply dynamics depending on production success.