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Machado backs U.S. role in Venezuelan oil plan, questions signatory
The proposed framework covers about 65 billion barrels, but Machado said key details on signing authority, financing, investor guarantees, and Venezuelan benefits are still unclear.
Venezuelan opposition leader María Corina Machado said she supports a long-term U.S. role in developing Venezuela’s oil reserves, but questioned the authority of acting President Delcy Rodríguez to sign a sweeping agreement announced between the two governments.
Machado said the agreement’s scope remains unclear, including who would sign it, who would finance it, what investor guarantees would be provided, and how Venezuelans would benefit. She also called for a “strong, mutually beneficial partnership” built around publicly approved rules and competitive bidding, according to OilPrice.
The deal was announced last week by the Trump administration and Caracas. Rodríguez has described a 25-year arrangement covering 17 oilfields with a production target of 1.5 million barrels per day, though the full contract has not been released publicly.
OilPrice notes that Venezuela produces about 1.25 million bpd currently while holding the world’s largest proven crude reserves, much of it extra-heavy Orinoco crude that requires diluent, upgraded infrastructure, and extensive drilling and workovers before production can rise.
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