US-Venezuela 25-Year Oil Pact Targets 1.5 Million Barrels Daily

Venezuela’s oil sector, long crippled by underinvestment and sanctions, now faces a 25-year agreement that promises new capital and technology while leaving open questions about control and returns. Interim President Delcy Rodriguez announced the terms on state television, describing development of 17 oilfields plus eight additional blocks with an initial output goal of 1.5 million barrels per day. She projected $209 billion in state revenue at a $65-per-barrel benchmark, with roughly $19 per barrel flowing to Venezuela, and stressed that ownership and sovereignty remain with Caracas.

President Trump stated the United States secured majority control of more than 65 billion barrels through a partnership with private operators, a claim he said would more than double American reserves at no direct cost to taxpayers. Venezuela holds the world’s largest proven reserves at an estimated 303 billion barrels, yet current production stands near 1.25 million barrels per day. Rodriguez said the pact would generate investment exceeding $100 billion and support economic recovery after years of decline.

The agreement follows the January 2026 capture of former President Nicolás Maduro by U.S. forces. Venezuelan officials plan to sign follow-on contracts with companies including Chevron next week. Pro-government demonstrators gathered in Caracas to protest foreign involvement. Analysts cited by multiple outlets questioned whether the arrangement can overcome Venezuela’s weak infrastructure, political uncertainty, and constitutional hurdles, noting the absence of published contract text and the heavy-oil character of the reserves, which limits direct substitution for lighter U.S. grades.