Venezuelan leaders grant U.S. joint venture rights to 20% of oil reserves, sparking public backlash

Acting President Delcy Rodríguez signed an agreement that gives a U.S. partnership 100-year rights to develop 17 oil fields in Venezuela, covering roughly 65 billion barrels—about 20 % of the country’s estimated 300 billion-barrel reserves. The deal, negotiated with North American Blue Energy Partners, the second-largest private oil operator in the nation, is intended to attract investment and revive a severely degraded oil sector.

Venezuelans expressed strong opposition, saying the arrangement amounts to a surrender of resources 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 described the current output of about one million barrels per day as "something is better than nothing," while oil-field employee Erwin Ayala noted that handing over the reserves could be justified only if it benefits the country and future generations.

U.S. Energy Secretary Chris Wright, speaking in Caracas, said the United States aims to bring "peace, freedom, opportunity and prosperity" to Venezuela. Rodríguez defended the pact, stating her goal is to make Venezuela an "energy powerhouse." Analysts caution that the country's aging infrastructure means it could take years before the joint venture translates into higher production.

The agreement follows a February legal reform that opened the oil sector to private investment, a move some hoped would lead to broader economic improvements after the failed attempt to capture President Nicolás Maduro earlier this year.