Delcy Rodriguez hails historic 25-year energy agreement with the United States to develop Venezuela's oil reserves.
Venezuelan interim President Delcy Rodriguez announced that a new 25-year bilateral energy agreement with the United States aims to develop 17 strategic oilfields. The deal targets an initial production increase to 1.5 million barrels per day, while preserving Venezuela's sovereignty over its natural resources. Rodriguez stated that the agreement could generate approximately $209 billion in revenue for the Venezuelan state, providing a significant boost to government revenue and economic growth. During the negotiations, the administration announced plans for the Pentagon to take a 35% passive stake in North American Blue Energy Partners, a private company holding Venezuelan oil rights. This unusual move allows the U.S. government to own an equity interest in a private venture rather than just facilitating investment. The Pentagon will also receive preferential rights to purchase 20% of future production at cost. The arrangement was designed to help overcome the reluctance of major U.S. oil producers to commit substantial capital due to legal and security concerns. The deal is expected to be a historic milestone in reviving the battered energy industry of the South American nation.