Venezuela’s interim president says US energy deal will last 25 years

Venezuelan interim President Delcy Rodriguez announced on Saturday that the United States and Venezuela have reached a historic 25-year energy agreement. This deal aims to increase crude production to 1.5 million barrels per day and maintain Venezuela's control over its natural resources. The agreement, as outlined by Rodriguez in a late-night address, seeks to stimulate the economy and boost government revenue.

Rodriguez stated that the initial goal of 1.5 million barrels per day is merely a starting point, with broader plans to develop eight greenfield oil blocks as part of the country's energy sector expansion.

The agreement grants the U.S. partial control over Venezuela's vast oil reserves, which, according to the arrangement, will provide Venezuela with approximately $209 billion in revenue. This revenue estimate is based on a benchmark oil price of $65 per barrel; however, Rodriguez acknowledged that crude prices could fluctuate. Despite the potential revenue boost, Rodriguez emphasized that Venezuela maintains "ownership of and sovereignty" over its natural resources while leveraging American capital, technology, and operational expertise to revive its energy industry.

The interim president's address came after a group of pro-government supporters gathered in Caracas to protest the U.S. presence in Venezuela. Despite this opposition, Rodriguez expressed her support for the agreement, stating that it would contribute to economic growth and increase government revenue. Venezuelan officials are preparing to sign additional agreements next week, which will grant new oil exploration and production rights to various companies, including U.S. firms like Chevron.