Venezuela’s interim President Delcy Rodriguez stated that the country is maintaining its sovereignty despite a new agreement that involves transferring rights to billions of barrels of oil to the United States. The deal, described by Rodriguez as 'historic,' will allow the US to access 65 billion barrels of Venezuelan oil over a period of 25 years while enabling Venezuela to develop its oil industry. Rodriguez emphasized that the country will retain ownership and sovereignty over its resources during a televised address on Saturday.
The agreement includes plans for the development of 17 strategic oilfields, with an initial production target of 1.5 million barrels per day. Additionally, the broader initiative encompasses the development of eight greenfield oil blocks as part of an expansion of Venezuela’s energy sector.
According to Rodriguez, $19 from every barrel of oil sold to the US will be sent to Caracas, potentially generating $209 billion annually for Venezuela, depending on oil prices. She noted that Venezuela aims to maintain ownership of its natural resources while leveraging foreign capital, technology, and operational expertise to revitalize an industry severely impacted by sanctions.
On Friday, US President Donald Trump announced plans for the US to take partial control of Venezuela’s oil reserves, which would involve foreign companies, including US firms, assisting in the recovery of Venezuela’s energy infrastructure. Venezuelan officials are reportedly preparing to sign agreements next week that will grant new oil exploration and production rights to several companies, including US firm Chevron, according to Reuters. This development follows increased pressure on Caracas to comply with US demands since January, when US special forces detained then-President Nicolas Maduro and transferred leadership to his vice president, Rodriguez.