Venezuela's interim President Delcy Rodriguez confirmed a 25-year energy agreement with the United States aimed at revitalizing Venezuela's oil sector and increasing daily crude production to around 1.5 million barrels from about 1.25 million barrels currently [1, 2, 3, 4, 5, 6, 7, 8].

The deal covers development of 17 strategic oilfields alongside 8 new greenfield blocks. Rodriguez described it as a "bilateral project" focused solely on the US-Venezuela partnership. She emphasized Venezuela would retain full ownership and sovereignty over its natural resources despite the agreement [2, 3, 4, 5, 6, 7, 8].

The US plans to provide capital, technology, and operational expertise to help restore an industry affected by years of sanctions and decline [2, 3, 4, 6, 7, 8]. The project could generate approximately US$209 billion in revenue for Venezuela, based on a $65 per barrel benchmark price. Rodriguez said about $19 from every barrel sold under the deal would flow directly to Venezuela [2, 3, 4, 6, 7].

US President Donald Trump announced the US would gain majority control over more than 65 billion barrels of Venezuela's proven oil reserves via this agreement. The US government also plans to hold a stake in North American Blue Energy Partners, a Venezuelan-associated private company, which would grant preferential rights to purchase oil at production cost [1, 2, 3, 4, 6, 7, 8]. However, the Pentagon's Strategic Capital Office denied holding equity in any private company and described its role as limited to funding support including loans and guarantees [1].

Venezuela's oil production rose nearly 30% between January and July 2026 to about 1.2 million barrels per day, though it remains well below the 3 million barrels per day output seen 25 years ago [1]. Analysts estimate it will take 3 to 4 years before the production increases targeted under the deal come to fruition [1].

Venezuelan officials plan to sign agreements next week granting US and other firms, including Chevron, new oil exploration and production rights, formalizing the operational phase of the deal [3, 7].