A day after signing of what President Donald Trump described as the “biggest oil deal in world history”, Venezuela interim President Delcy Rodriguez on Sunday said that the energy agreement signed with the United States would remain in force for 25 years, target an increase in crude output to 1.5 million barrels per day (bpd), and preserve the country’s sovereignty over its natural resources.
The venture would be run jointly by the US government and a private operator in Venezuela. Along with fulfilling the target of 1.5 million barrels per day (bpd), the broader plan also includes the development of eight greenfield oil blocks as part of a wider expansion of the country’s energy sector, she said, according to Reuters. The US will have access to more than 65 billion barrels of Venezuelan oil reserves through a partnership involving the government and private businesses. She said roughly $19 from each barrel produced and sold under the arrangement would flow directly to Venezuela, providing a significant boost to government revenue, as per Reuters. The official said Rodriguez, with US backing, had given the private company 100-year concessions to operate the oil fields.
Addressing the nation in a television address, Rodriguez hailed the accord as a “historic” deal that would help revive the economy and boost government revenue, saying it would help shape the country’s future, Reuters reported. “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 on state broadcaster VTV. “At my direction, secretary of state Marco Rubio, and secretary of war Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote on Truth Social.
