Venezuelan Acting President Approves U.S. Joint Venture on One-Fifth of National Oil Reserves
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Acting President Delcy Rodríguez authorized a 100-year joint venture giving a U.S. partner control over roughly 20% of Venezuela's oil fields, sparking mixed reactions among citizens who view the move as both a potential economic boost and a surrender of national assets.
Acting President Delcy Rodríguez has approved a joint venture that grants a U.S. company 100-year rights to develop 17 oil fields containing an estimated 65 billion barrels of proven reserves, about one-fifth of Venezuela's total oil endowment. The agreement, signed with North American Blue Energy Partners, follows a legal overhaul that opened the sector to private investment after years of sanctions and economic decline.
Venezuelan citizens expressed concern that the deal represents a loss of control over a resource they consider a collective right. "It's not just worrying, it's outrageous, because we, like a drop in the ocean, have no power to intervene," said Lisandro Castro, an architect in Caracas. Former oil worker Romel Abreu noted that the country's current output of roughly one million barrels per day is modest but essential for livelihoods.
U.S. Energy Secretary Chris Wright described the initiative as part of a broader effort to bring "peace, freedom, opportunity and prosperity" to Venezuela, while Rodríguez defended the agreement as a step toward making the nation an "energy powerhouse." Analysts caution that Venezuela's deteriorated infrastructure means it could take years before the partnership significantly raises production.
Public opinion remains divided. Erwin Ayala, an oil-field worker in Cabimas, acknowledged the scale of the concession but said he would support it if it benefits future generations, noting the need for technology and machinery to exploit the reserves.
The deal arrives amid ongoing economic hardship, with average monthly wages around $160 in the public sector and $237 in the private sector, and persistent inflation eroding purchasing power for many Venezuelans.