In a recent address, Venezuelan interim President Delcy Rodriguez described the energy agreement with the U.S. as a 'historic' deal that targets the development of 17 strategic oilfields, with an initial production goal of 1.5 million barrels per day.
This agreement is seen as a crucial step towards reviving Venezuela's struggling economy and increasing government revenue, potentially generating around $209 billion based on a benchmark oil price of $65 per barrel. Rodriguez emphasized that Venezuela would maintain sovereignty over its natural resources while leveraging U.S. capital and technology to enhance its energy sector.
The deal follows President Donald Trump's announcement of U.S. plans to take partial control of Venezuela's vast oil reserves, which could provide a new source of crude oil for the U.S. market.
The agreement is expected to attract U.S. companies, including Chevron, to explore and produce oil in Venezuela, which has the world's largest proven oil reserves but has been hindered by years of sanctions and mismanagement. Pro-government protests against U.S. involvement in Venezuela occurred simultaneously, highlighting the complex political landscape surrounding this agreement