Venezuela’s Interim President Rodriguez said in a statement broadcast on state television that the oil deal reached with the United States would remain in force for 25 years. One of the deal’s main objectives is to increase daily oil production to more than 1.5 million barrels.
Rodriguez said they aim to turn Venezuela back into an energy power through the signing of new agreements involving major energy companies such as Chevron, Repsol, Eni, Shell and BP. He said approximately $19 from each barrel of oil produced and sold is planned to be transferred directly to Venezuela.
Oil fields and revenue calculations
Rodriguez said the project includes developing eight crude oil fields in the Orinoco Oil Belt, which covers more than 55,000 square kilometers in eastern and central-eastern Venezuela. He added that the deal provides Venezuela with at least a 16 percent concession share and a 34 percent income tax rate.
Rodriguez said calculations based on an oil price of $65 per barrel indicate that the deal could generate $209.335 billion in revenue for Venezuela. He argued that these terms would accelerate the country’s economic recovery.
Rodriguez said the United States would provide capital, technology and operational capacity to revive the strategic oil sector, which has been severely affected by sanctions. He said it must be clearly understood that Venezuela retains ownership of and sovereignty over its natural resources.
Venezuela emphasizes sovereignty and transparency
Rodriguez thanked U.S. President Donald Trump and U.S. Secretary of State Marco Rubio for their contributions to preparing the deal. He said both sides had offered the best contribution they could make.
Rodriguez said they would be transparent with the Venezuelan people, adding that the public should know the investment amount, production level, state revenues and terms applicable to operators.
Trump comments on the oil deal
U.S. President Donald Trump claimed that they had reached the largest oil deal in world history with Venezuela. Trump also claimed that control had been secured over most of the country’s more than 65 billion barrels of oil reserves.
In a statement posted on his social media account, Trump said U.S. Secretary of State Marco Rubio and Defense Secretary Pete Hegseth had been working closely with Venezuela’s Interim President Rodriguez on the deal.
