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🇻🇪 Venezuela /Energy & Infrastructure

Hydrocarbons minister: Oil reserves are only figures and statistics if they remain underground

From El Nacional · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

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  • Venezuelan Hydrocarbons Minister Paula Henao said oil reserves have little practical value unless production converts them into revenue for Venezuelans.
  • She said Venezuela retains legal ownership and control of its underground oil resources, despite recent energy agreements with the United States.
  • The agreements give US companies participation and control in developing 17 strategic fields containing 65 billion barrels of Venezuelan crude, the article said.

Venezuela’s oil reserves mean little if they remain underground, Hydrocarbons Minister Paula Henao said, arguing that their value lies in turning them into production and revenue for the population.

“Reserves as a resource are a significantly important, monumental number, but if they remain underground and are not converted into barrels at the surface that ultimately translate into oil revenue for the benefit and well-being of Venezuelans, then unfortunately they are only a figure and statistics,” Henao said in an interview with Venevisión’s “Abriendo Puertas.”

Reserves as a resource are a significantly important, monumental number, but if they remain underground and are not converted into barrels at the surface that ultimately translate into oil revenue for the benefit and well-being of Venezuelans, then unfortunately they are only a figure and statistics.

· Paula HenaoThe hydrocarbons minister explained why reserves must become production to generate value for Venezuela.

She also sought to reassure Venezuelans about ownership of the country’s energy resources. “We have to say that ownership remains, indisputably and inalienably, with Venezuelans,” she said, adding that the Constitution guarantees this position. She said control and ownership of the resources underground remain with Venezuela.

We have to say that ownership remains, indisputably and inalienably, with Venezuelans.

· Paula HenaoShe defended Venezuelan ownership of the country’s oil resources.

Henao’s comments came amid claims that the United States intends to gain majority control over Venezuela’s oil reserves. She said recent agreements between Venezuelan and US authorities do not compromise ownership of the resources.

The agreements, signed during the week covered by the report, give US companies participation and control in developing 17 strategic fields containing 65 billion barrels of Venezuelan crude. US President Donald Trump described the arrangement as “the biggest oil deal in world history.”

The biggest oil deal in world history.

· Donald TrumpThe US president’s description of the recent energy agreements.
About this summary

Originally published by El Nacional in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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