U.S. secures 25-year oil deal with Venezuela, gaining majority control of reserves
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2 days · 2 summary articles
U.S. secures 25-year oil deal with Venezuela, gaining majority control of reserves
US in advanced talks to secure long-term access to Venezuelan oil fields
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The United States and Venezuela have finalized a 25-year oil agreement granting Washington majority control over 65 billion barrels of Venezuela’s proven petroleum reserves, President Donald Trump and Venezuelan interim President Delcy Rodríguez announced on Friday and Saturday.
Rodríguez said in a televised address that the deal targets daily production of over 1.5 million barrels and could generate $209 billion in annual revenue for Venezuela, with $19 from each barrel sold flowing to Caracas. She emphasized that Venezuela retains “ownership of and sovereignty over its resources” while leveraging U.S. capital, technology, and operational expertise to revive its sanctions-hit oil sector .
The agreement includes the development of 17 strategic oilfields and eight greenfield blocks in the Orinoco Belt, with minimum royalties of 16% and a 34% income tax rate. Rodríguez thanked Trump and U.S. Secretary of State Marco Rubio for their roles in securing the deal, which she called “historic” .
A U.S. official told CBS that the pact involves a 100-year concession for a private joint venture, with Washington controlling 55% of the company through equity and cost-based oil access. The Wall Street Journal reported the Pentagon would gain a stake in Venezuela’s oil riches under the terms .
Venezuelan officials are preparing to sign contracts next week granting new exploration and production rights to foreign firms, including U.S.-based Chevron, as well as Shell, BP, Repsol, and Eni, Rodríguez said .
The deal follows the January capture of former Venezuelan President Nicolás Maduro by U.S. special forces, after which Washington pressured Caracas to open its oil sector to foreign investment. Venezuelan opposition figures and government hardliners have criticized the agreement, with some calling it a betrayal or potentially illegal, while Venezuela’s ruling socialist party expressed full support .
Democratic lawmakers in the U.S. have condemned the arrangement, accusing Trump of prioritizing private profit over American interests .
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