Deputy Miguel Pérez Abad presented to the plenary of the National Assembly the draft agreement in support of the "Energy Agreement signed between the Bolivarian Republic of Venezuela and the Government of the United States of America."
The parliamentarian described this alliance as the "most important in the last 100 years in the country," highlighting that it will transform the national productive matrix by overcoming the rentier model.
"I would describe it as the most important agreement of the last 100 years in the country, due to its implications, its scope, and its potential to transform the known oil production model, moving from a rentier state focused solely on oil production and export to becoming a true energy powerhouse, as Venezuela indeed is. However, this requires investment, technology, resources, and new technologies to enhance this vital resource, which is finite, as Professor Uslar Pietri stated, and must be placed at the service of the people and at the service of the country's productive transformation," Pérez Abad told the plenary session when presenting the agreement.
The project encompasses the strategic development of the hydrocarbon industry through substantial contributions of capital and technology, which includes intervention in 17 oil fields, 7 of which are virgin areas requiring surface infrastructure.
- It also covers 22% of the country's proven reserves, guaranteeing "inalienably and inviolably the Republic's ownership and absolute sovereignty over its deposits." An initial investment is also projected ( Capex ) of between 100.000 and 110.000 billion dollars and is expected to add an additional 1,5 million barrels per day, with the goal of progressively reaching 3 million barrels per day.
Socioeconomic and technological impact
Pérez Abad explained that the agreement will facilitate access to cutting-edge technologies for heavy and extra-heavy crude oils, enabling environmentally sustainable production aimed at reducing the carbon footprint. Furthermore, direct access to North American energy markets will shorten logistical distances, lowering transportation costs and increasing profit margins.
“We are talking about an increase of 1.5 million barrels to what we already have. If we are at 1.2 million barrels, we would reach around 3 million barrels in 25 years, which would place us in a significant production expansion range. Access to new technologies, which we believe is vital, is essential. Venezuela requires new technologies for the utilization of its resources, especially in terms of heavy and extra-heavy crude,” he said.
In the macroeconomic sphere, it is estimated that 3,6 million direct and indirect jobs will be created, as well as the incorporation of thousands of small and medium-sized national companies.
“We are referring to positioning ourselves once again at a level of competitiveness that will allow us to increase the profitability of our hydrocarbon products. These new technologies will also make oil production much more sustainable, which is a crucial issue for managing our carbon footprint and ensuring that our products are environmentally sustainable. It will also allow us to re-enter international markets,” he argued.
The deputy stressed that the inflow of foreign currency will strengthen international reserves and the value of the bolivar, contributing to exchange rate stability and the slowdown of inflation.
The document approved by the legislature formally endorses the binational agreement as an engine for economic recovery. It also reaffirms the inalienable state ownership of the resources and urges that the revenue generated be directed toward improving health, education, public services, and national industry, acknowledging the diplomatic efforts between the two administrations.
Below, we present the full text of the agreement:
Considering that the sovereign exploitation of the world's largest proven oil reserves demands strategic management capable of transforming Venezuela's subsoil wealth into operational sovereignty, productive capacity, cutting-edge technology, and large-scale capital investments aimed at effectively understanding the energy potential for quality public services and medium- and long-term economic development for the well-being of Venezuelans; that it is essential to continue promoting the comprehensive recovery of our oil industry, severely affected by sanctions, through strategic diplomacy and international cooperation; taking into account that Venezuela contributes its energy potential and infrastructure, geographic location, and the vast experience of its working class, while the international counterpart contributes technology and financing; that the signing of the historic binational energy agreement between the Bolivarian Republic of Venezuela and the government of the United States of America represents a significant revenue projection for the nation, in accordance with the applicable economic, fiscal, and productive assumptions during the project's term; and that this operational framework irrevocably and inviolably safeguards the Republic's ownership and absolute sovereignty over its deposits and resources. natural resources, ensuring transparency, integration at the levels of production, investment and income, in accordance with the provisions of the Constitution of the Bolivarian Republic of Venezuela regarding hydrocarbons and other applicable laws, with the purpose of making Venezuela a global energy power, a bastion of prosperity, employment and a future for the next generations, they agree.
First, to support the binational energy agreement between the Bolivarian Republic of Venezuela and the United States government as a high-impact strategic instrument to continue economic recovery, attract capital investment, and promote productive technological development for the nation in the medium and long term.
Second, to ratify the full sovereignty and inalienable ownership of the Venezuelan State over its resources, ensuring that fiscal and operational conditions guarantee a fair distribution of income that contributes to strengthening health, education, public services and national industry.
Third, we acknowledge the diplomatic effort and political will demonstrated by the government teams of both nations that made it possible to transform differences into energy cooperation that respects sovereignty and is geared towards concrete resources for our people.
Fourth, to invite the competent bodies and entities of the Venezuelan State to maintain information mechanisms regarding the progress of the binational energy agreement in accordance with the Constitution and the laws. Fifth, to publish this agreement in the Official Gazette of the Bolivarian Republic of Venezuela and to give it maximum dissemination in accordance with the provisions of Article 136 of the Rules of Procedure and Debates of the National Assembly.
Given, signed and sealed at the Federal Legislative Palace of the National Assembly on the first day of September in the year 2026, in the 216th year of Independence, the 167th year of the Federation and the 27th year of the Bolivarian Revolution.
President Delcy Rodríguez announced on Saturday in a national broadcast that the development of 17 strategic fields is planned. with "a proven potential of 65 billion barrels of oil." He also explained that, using a price of $65.000 per barrel as a reference, the country could receive $209.335 billion under the agreement.
