Venezuela just signed what might be the most consequential oil agreement in the Western Hemisphere in decades. Interim President Delcy Rodríguez confirmed that a sweeping energy deal with the United States will run for 25 years, covering the development of 17 oil fields sitting on 65 billion barrels of proven reserves.
The target: boosting Venezuela’s crude oil production to 1.5 million barrels per day, a figure that would represent a dramatic resurrection for an industry that spent years decaying under sanctions and mismanagement.
What the deal actually looks like
The agreement is structured as a joint venture giving the US a 55% effective output stake through private-sector partners. Among the key private-sector figures involved is Venezuelan businessman Alejandro Betancourt López, who has emerged as a central player in the post-Maduro economic landscape.
The projected numbers are staggering. The deal is expected to attract more than $100 billion in investment, while generating over $209 billion in tax revenue for Venezuela over its lifespan.
