Venezuelan interim President Delcy Rodriguez said that a new energy agreement with the US will remain in force for 25 years, targeting crude oil production of more than 1.5 million barrels per day (bpd) while preserving Venezuela’s sovereignty over its natural resources.

Rodriguez described the agreement as a "historic" deal that would help revive Venezuela’s economy, increase government revenues and shape the country’s future.

“This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day," Rodriguez said on state broadcaster VTV.

"That figure relates solely to the bilateral agreement between Venezuela and the United ‌States."

She said the 1.5 million bpd target was an initial goal, adding that the broader plan includes the development of eight greenfield oil blocks as part of a wider expansion of Venezuela’s energy sector.

The agreement comes as Venezuela seeks to increase oil production and attract investment into its energy industry while maintaining state control over its natural resources.