RismadarVoice Reporters, August 30, 2026
Venezuela’s interim President Delcy Rodriguez has said an energy agreement with the United States will remain in place for 25 years, with plans to increase the country’s crude oil production to 1.5 million barrels per day.
Rodriguez described the agreement as a historic partnership aimed at helping revive Venezuela’s economy, increase government revenue and strengthen the country’s energy sector.
Speaking in a televised address, she said the long-term project would involve the development of 17 strategic oil fields, with production expected to exceed 1.5 million barrels per day under the bilateral agreement between Venezuela and the United States.
“This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day,” Rodriguez said.
She added that the production target represented only the initial phase of a wider energy expansion plan, which would also include the development of eight new oil blocks.
The announcement followed US President Donald Trump’s statement that Washington had reached an agreement involving greater American participation in Venezuela’s oil industry, including access to the country’s vast proven crude reserves.
Venezuela holds the world’s largest proven oil reserves but has experienced a sharp decline in production over the years due to underinvestment, mismanagement and international sanctions. Current output stands at about 1.25 million barrels per day, according to industry estimates.
Rodriguez said the agreement could generate approximately $209 billion in revenue for the Venezuelan government based on an estimated oil price of $65 per barrel. She added that about $19 from each barrel produced and sold under the arrangement would go directly to Venezuela.
The interim president insisted that the agreement would not affect Venezuela’s ownership of its natural resources, saying the country would maintain sovereignty while benefiting from foreign investment, technology and operational expertise.
“The country retains ownership and sovereignty over its natural resources while leveraging capital, technology and operational expertise to support the recovery of a strategic industry,” Rodriguez said.
The deal has attracted opposition from some groups in Venezuela, with dozens of pro-government supporters gathering in Caracas to protest against increased US involvement in the country’s energy sector.
Venezuelan officials are expected to sign additional agreements granting new exploration and production rights to several companies, including US firms, as part of the new energy framework.
