Venezuela's interim president, Delcy Rodriguez, has declared that the new oil agreement with the United States will be in force for 25 years and aims to significantly increase oil production in the country.
Speaking to state broadcaster VTV, Rodriguez described the agreement as "historic", noting that the objective is for Venezuela's daily oil production to exceed 1.5 million barrels.
"Our goal is to go even further by signing other large agreements involving giant companies such as Chevron, Repsol, Eni, Shell and BP. We want to become an energy powerhouse," declared Rodriguez.
According to her, the agreement will bring significant revenue to Venezuela. Rodriguez said that about $19 for every barrel of oil produced and sold will go directly to the country's coffers.
She also stated that, based on a price of $65 per barrel, the agreement could provide Venezuela with around $209.3 billion in revenue.
The project envisages the development of eight crude oil fields in the Orinoco Oil Belt, one of the richest areas in hydrocarbon reserves in Venezuela, which extends over more than 55,000 square kilometers in the eastern and central-eastern part of the country.
Rodriguez said the agreement also provides for a royalty rate of at least 16% and an income tax rate of 34%.
According to the interim president, these conditions will help accelerate Venezuela's economic recovery and pave the way for broader cooperation with international energy companies.
