Venezuela's interim President Delcy Rodriguez said the energy deal with the United States would last 25 years, aiming to boost Venezuelan crude oil production to 1.5 million barrels per day and preserve the country's sovereignty over its natural resources, Reuters reported, BTA reported.
In a statement on Saturday evening, Rodriguez hailed the agreement as a “historic” a deal that will help revive the economy and increase government revenues, as well as help shape the country's future.
“This 25-year bilateral project envisages the development of 17 strategic oil fields with a production target of over 1.5 million barrels per day“, Rodriguez said on Venezuelan state television Ve Te Ve (VTV).
“This figure refers only to the bilateral agreement between Venezuela and the United States“, the head of state added.
Rodriguez also explained that the 1.5 million barrels per day target set in the agreement is only an initial goal and that the broader plan also includes the development of eight new oil fields as part of a larger expansion of the country's energy sector.
On Friday, US President Donald Trump announced that the US had signed a deal with Venezuela "the largest oil deal in history", which gave them control of 65 billion barrels of oil from Venezuela's oil reserves through a partnership with the private sector.
Venezuela has the world's largest proven oil reserves, but after years of underinvestment, mismanagement and sanctions, production has been at around 1.25 million barrels per day - far below potential capacity.
Rodriguez said the agreement could bring in around $209 billion in revenue for the Venezuelan state, based on a benchmark oil price of $65 a barrel, although he acknowledged that prices could fluctuate. She said that approximately $19 of each barrel produced and sold under the agreement would go directly to Venezuela, providing a significant boost to government revenues.
According to Rodriguez, Venezuela retains “ownership and sovereignty” over its natural resources, “while using capital, technology and operational expertise to support the recovery of a strategic industry that has been severely affected by sanctions.”
Meanwhile, dozens of pro-government groups gathered in downtown Caracas earlier Saturday to protest the U.S. presence in Venezuela.