Venezuela says it retains ‘sovereignty’ under US oil deal

Venezuela’s interim President Delcy Rodriguez says the country will preserve its sovereignty even as it gives the United States rights connected to billions of barrels of oil under a 25-year agreement.

In a televised address, Rodriguez described the deal with Washington as historic. She said it would allow Venezuela to develop 17 strategic oilfields, with an initial production target of 1.5 million barrels per day. The broader plan also includes eight greenfield oil blocks as part of an expansion of the energy sector.

Under the agreement, Caracas will receive $19 from every barrel produced and sold to the United States. Rodriguez said the arrangement could generate as much as $209 billion a year for Venezuela, depending on oil prices. She said Venezuela would retain ownership of its natural resources while using foreign capital, technology, and operating expertise to revive an industry badly affected by sanctions.

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US President Donald Trump announced on Friday that Washington planned to take partial control of Venezuela’s vast oil reserves. The arrangement would bring in foreign companies, including US firms, to help restore the country’s deteriorated energy infrastructure.

Venezuelan officials are preparing to sign agreements next week granting exploration and production rights to several companies, including Chevron, Reuters reported. Caracas has faced pressure to follow Washington’s demands since January, after US special forces abducted then-President Nicolas Maduro and transferred leadership to his vice president, Rodriguez.

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ownership of and sovereignty