Venezuelan interim President Delcy Rodriguez said on Saturday a new 25-year energy agreement with the United States aims to lift crude output to 1.5 million barrels per day (bpd) while preserving national sovereignty over resources.

Deal Structure Targets Major Production Expansion

Rodriguez on state broadcaster VTV said, “This 25-year bilateral project envisages the development of 17 strategic oilfields.” “That figure relates solely to the bilateral agreement between Venezuela and the United States.”

The comments from the interim president follow President Donald Trump‘s announcement Friday that the U.S. secured majority control of over 65 billion barrels of Venezuelan reserves through a private-sector partnership, aiming to boost crude supply and ease U.S. fuel prices.

Revenue Projections

Rodriguez said the broader plan also includes eight greenfield oil blocks, with Venezuela currently pumping about 1.25 million bpd. Notably, Venezuela has the world’s largest proven oil reserves, but its production remains far below its potential due to years of underinvestment, mismanagement and sanctions.

Rodríguez estimated the agreement could generate about $209 billion in revenue for Venezuela over its 25-year term, based on a $65-per-barrel benchmark, with roughly $19 per barrel flowing directly to the state.

Rodriguez also said that the country retained “ownership of and sovereignty” over its natural resources, “while leveraging capital, technology and operational expertise to support the recovery of a strategic industry that has been severely affected by sanctions.”

Chevron Corporation (NYSE:CVX) is reportedly among the companies expected to finalize talks to transition its Venezuelan joint ventures into the new framework, Reuters reported, citing two sources close to the negotiations.

Trump’s Tone Toward Rodríguez Has Shifted Sharply

Trump’s rhetoric toward Rodriguez has swung notably since former President Nicolas Maduro‘s capture. In January, he warned she could face “a situation probably worse than Maduro” before later calling her a “terrific person.”

By March, Rodriguez publicly thanked Trump for his “kind willingness” to collaborate after he praised her handling of Venezuela’s oil sector

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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