Venezuela and the United States have signed a 25-year oil agreement aimed at reviving Venezuela’s oil industry.
Venezuela’s interim President Delcy Rodríguez says that despite granting foreign companies exploitation rights to billions of barrels of oil, the agreement will preserve Venezuela’s sovereignty and ownership over its natural resources.
Rodríguez said that under the “historic” agreement with Washington, exploitation rights to 65 billion barrels of Venezuelan oil will be placed under joint projects for 25 years, with the goal of revitalizing the country’s oil industry.
She added that 17 strategic oil fields will be developed under the agreement, with an initial production target of 1.5 million barrels of oil per day.
According to Rodríguez, $19 from each barrel of oil produced and sold to the United States will go to Caracas. Depending on oil prices, this revenue could reach around $209 billion annually.
Rodríguez said Venezuela will remain the owner of its natural resources while benefiting from foreign companies’ capital, technology, and operational expertise to rebuild its oil industry.
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