Venezuelan interim president details 25-year US oil partnership

Venezuelan interim President Delcy Rodríguez announced on Saturday that her government has finalized a new oil agreement with the United States, following remarks by former President Donald Trump that “much of Venezuela’s oil reserves will be under majority U.S. control.” The deal, which Rodríguez described as a 25‑year bilateral project, focuses on the development of 17 strategically important oilfields located in the Orinoco Belt and other key regions.

According to Rodríguez, the agreement sets a production target of more than 1.5 million barrels per day, with U.S. firms expected to provide the technical expertise, equipment, and financing necessary to bring the fields online. The contract also includes provisions for technology transfer, joint ventures with Venezuelan state‑owned enterprises, and a phased approach to ownership that would gradually increase U.S. participation while maintaining Venezuelan oversight of the national oil industry.

The partnership is seen as a potential turning point for Venezuela’s struggling economy, which has been hampered by decades of sanctions and declining production. While the deal promises to boost output and attract foreign investment, analysts note that its success will depend on the political stability of the country and the ability of both sides to navigate regulatory and logistical challenges over the next quarter‑century.