A US government agreement with Venezuelan company North American Blue Energy Partners (NABEP) aims to develop 17 oil fields with estimated potential of about 65 billion barrels of crude, prompting cautious optimism after more than a decade of economic and social turmoil. US President Donald Trump called the deal historic and said the US would be able to purchase 20% of production at cost. Several international firms have separately signed agreements for additional energy projects. Analysts say Venezuela, which holds the world’s largest proven crude-oil reserves, could benefit from foreign investment before production rises, although the largest economic gains may take years to materialize. Development of the fields could require five or 10 years, new electrical infrastructure and a broader support workforce. Restoring the electrical system alone could cost more than $15 billion, according to economist Manuel Sutherland. Officials have discussed investments of up to $100 billion, but Sutherland said capital would arrive gradually rather than all at once. He added that annual investment of $5 billion could ease Venezuela’s liquidity problem (shortage of available cash). Economist Luis Vicente León said a project of this scale could quickly improve expectations and the investment climate, while warning that economic growth may not translate into better daily living conditions. Venezuelan opposition leader María Corina Machado supports Washington’s role in developing the reserves but questioned whether the current government can manage the investments transparently and effectively. Residents have likewise expressed both hope and concern, particularly over whether oil revenue will improve unreliable public services. Oil production recently exceeded 1 million barrels per day for the first time since early 2019, and Acting Venezuelan President Delcy Rodríguez aims to raise it to 1.5 million barrels per day. León said growth is likely, but warned that stalled production would leave social demands unresolved and estimated that residents would need at least a year to notice better services.