Venezuela oil deal needs democracy, Machado says

Venezuelan opposition figure Maria Corina Machado said Venezuela needs a democratic transition after the interim government struck a major oil agreement with the United States.

“The oil sector is only one part of the immense reconstruction we must undertake in Venezuela,” Machado said in a video statement. She said the country needed “colossal investments” but “much more than money”.

“No development is possible without solid institutions and a government elected by popular vote,” she said.

The agreement grants the United States access to more than 65 billion barrels of oil, almost 20 percent of Venezuela's reserves. Venezuela is described as holding the world's largest proven oil reserves.

Machado also criticised what she called a lack of transparency around the agreement and said Venezuela's subsoil wealth belonged to Venezuelans. She added that the United States was the main partner the country needed to develop its strategic value.

US Energy Secretary Chris Wright travelled to Venezuela to oversee the signing of deals involving Caracas, Chevron, GE Vernova and Italy's ENI. Wright denied that the United States was “stealing Venezuelan oil,” saying companies were bringing money and technology to develop an idle asset.

US President Donald Trump dismissed the idea of Venezuelan elections in the near future, telling reporters: “I just don't think they're ready yet.” Interim leader Delcy Rodriguez echoed that position and has estimated that Venezuela will make $209 billion in profit from the deals over 25 years.

Machado was not invited to US-backed transition talks between the interim government and selected parts of the opposition, although she said she would not interfere in the process. US State Secretary Marco Rubio told Fox News that the next phase of talks was scheduled to take place within 10 days.

Earlier accounts of the wider energy opening said Chevron valued its deal to develop two additional oil fields in the Orinoco Belt at $7 billion and projected that output would more than double within five years. ENI said it had gained exclusive rights to explore the Junin 5 oil field, while GE Vernova will help repair Venezuela's electricity grid.