Venezuela sets 25-year energy deal with U.S., targets 1.5 mln bpd
The plan covers 17 oil fields, and Caracas is preparing next week to sign new rights for companies including Chevron.
Venezuela's interim government set an energy agreement with the United States to run for 25 years, with a target of lifting crude output to more than 1.5 million barrels per day. Interim President Delcy Rodriguez said the bilateral project includes development of 17 strategic oil fields, with a follow-on plan to open eight new oil and gas blocks. At the same time, U.S. President Donald Trump said Washington had secured majority control over more than 65 billion barrels of Venezuela's proven oil reserves through partnerships with private firms. Rodriguez said Venezuela still retains ownership of its natural resources, even as dozens of pro-government groups demonstrated in Caracas to oppose the U.S. presence. Two sources close to the negotiations said Chevron is among the companies expected to shift its joint venture into the new energy framework.