Overview
- The Trump administration announced Friday that a new U.S.-Venezuela joint venture would give the United States effective majority access to roughly 65 billion barrels of Venezuelan proven reserves and an approximate 55% share of production from the venture.
- Interim President Delcy Rodríguez confirmed a 25-year pact covering 17 fields with an initial production target above 1.5 million barrels per day and a payment of about $19 per barrel to Venezuela, which projects roughly $209 billion in receipts using a $65 benchmark.
- Neither government has released the full agreement text, and key commercial details — the private operator, participating companies, financing commitments and the mechanism for U.S. control — remain undisclosed.
- Industry analysts warn that Venezuela’s wells, pipelines and refineries need years of repair and tens of billions in investment, so any large increase in exports or deliveries to the U.S. Strategic Petroleum Reserve will be a long-term outcome, not an immediate one.
- The deal follows January’s removal of Nicolás Maduro and shifts U.S.-Venezuela relations, raises geopolitical stakes with other foreign actors, and has provoked protests and debate inside Venezuela over who will benefit from promised investment and revenue.