Venezuela says energy deal with US will run for 25 years

Abi Sarabia M., Philippine Canadian Inquirer
August 30, 2026

Photo courtesy: Reuters

CARACAS, Venezuela — Venezuela’s energy agreement with the United States will run for 25 years and cover the development of 17 oilfields, interim President Delcy Rodríguez said Saturday.

Rodríguez said the project aims to produce more than 1.5 million barrels of crude per day. The target applies only to the oilfields covered by the bilateral agreement.

The plan also includes the development of eight new oil blocks. 

According to Rodríguez, the agreement could generate about US$209 billion for Venezuela, based on an oil price of US$65 per barrel. She said approximately US$19 from every barrel sold under the deal would go to the Venezuelan government. These figures are government projections and may change with oil prices and actual production.

U.S. President Donald Trump announced the agreement Friday, saying the United States had secured majority control over more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with private companies. Trump did not provide full details about the arrangement.

Rodríguez said Venezuela would retain ownership and sovereignty over its natural resources while receiving foreign capital, technology and operational support.

Venezuela currently produces about 1.25 million barrels of oil per day despite holding the world’s largest proven crude reserves.

Venezuelan officials are expected to grant new exploration and production rights to several companies. Chevron is reportedly among the firms negotiating to place its existing Venezuelan joint ventures under the new framework.

Groups also gathered in Caracas on Saturday to protest the U.S. presence in Venezuela.