Venezuela: Energy Agreement with
the United States Extends for 25 Years

Caracas, 30 Aug 2026 (ONA) — Venezuela’s
interim President Delcy Rodríguez announced that the energy agreement concluded
with the United States will remain in effect for a duration of 25 years, with
the objective of increasing crude oil production to 1.5 million barrels per
day, while upholding Venezuela’s sovereignty over its natural resources.

Rodríguez hailed the accord as a
“historic” agreement that would contribute to revitalizing the
economy and boosting government revenues, adding that it would help shape the
future of Venezuela.

“This 25-year bilateral
project encompasses a comprehensive plan for the development of 17 strategic
oil fields, with the goal of achieving production in excess of 1.5 million
barrels per day,” Rodríguez stated.

She further clarified that the
1.5 million barrel-per-day target represents an initial objective, noting that
the broader plan also includes the development of eight additional oil fields
as part of a larger expansion of Venezuela’s energy sector.

Rodríguez indicated that the
agreement could generate approximately USD 209 billion in revenue for the
Venezuelan government, based on a reference oil price of USD 65 per barrel,
while acknowledging that crude prices remain subject to fluctuation.

She explained that roughly USD 19
from each barrel produced and sold under this arrangement would accrue directly
to Venezuela, providing a substantial boost to government revenues.

Rodríguez affirmed that her
country retains full ownership and sovereignty over its natural resources,
“while simultaneously benefiting from capital, technology, and operational
expertise to support the recovery of a strategic sector that has been severely
impacted by sanctions.”

— Ends/AH