PDVSA activates 65-billion-barrel deal with U.S.

The energy agreement signed between Venezuela and the United States has entered into full force to develop oil fields in the country, according to Banca y Negocios following the II Energy, Petroleum and Gas Conference held in Maracaibo on October 16, 2026.

The plan provides for the exploitation of energy deposits with proven potential of 65 billion barrels of crude. This scheme seeks to combine the participation of the oil and gas sectors in order to revive extraction capacity, with a particular focus on operations in the Western Basin.

In bilateral trade, the energy relationship between the two countries has registered a gradual recovery. Exports of Venezuelan oil to the United States grew 170%, driven by purchases by Citgo, according to a report published by El Nacional.

The reactivation of these fields is expected to increase the availability of resources and stabilize the regional energy infrastructure. The evolution of this process will depend on the pace of investment in production areas and on the framework of cooperation among the actors involved.