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🇪🇸 Spain /Energy & Infrastructure

Venezuela-US Oil Deal Will Last 25 Years, Delcy Rodríguez Says

From La Vanguardia · () Spanish

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

At a glance

News Named sources New plan
  • Venezuela's acting president, Delcy Rodríguez, said a newly reached oil agreement with the United States would run for 25 years and target production above 1.5 million barrels a day.
  • Using an assumed price of $65 a barrel, Rodríguez said Venezuela could receive $209.335 billion, including about $19 for each barrel produced and sold.
  • The plan covers eight blocks in the Orinoco Oil Belt, while a U.S. official said a private joint venture could receive a 100-year concession and give the United States control of 55% of the company.

Venezuela's acting president, Delcy Rodríguez, says the country's new oil agreement with the United States will last 25 years and target production of more than 1.5 million barrels a day. She presented the deal as a route toward recovering an industry battered by sanctions.

Rodríguez said the agreement could bring Venezuela $209.335 billion if oil sells for $65 a barrel. In concrete terms, she said, about $19 from every barrel produced and sold would go directly to the country.

Our goal goes further with the signing of other important agreements that include major companies such as Chevron, Repsol, Eni, Shell and BP. We want to be an energy power.

· Delcy RodríguezVenezuela's acting president described the broader ambition of the oil agreement.

The project includes eight greenfield blocks in the Orinoco Oil Belt, a region covering more than 55,000 square kilometres in eastern and central-eastern Venezuela. Rodríguez cited minimum royalties of 16% and a 34% income tax rate, which she said would help begin Venezuela's economic recovery.

Each party contributes what it can do best.

· Delcy RodríguezRodríguez used the phrase to describe the division of roles between Venezuela and the United States.

She thanked U.S. President Donald Trump and Secretary of State Marco Rubio for helping secure the agreement, while stressing that Venezuela would retain ownership and sovereignty over its resources. “Each party contributes what it can do best,” she said. The United States, she added, would provide capital, technology and operational capacity. She also said Venezuelans should know how much is invested, produced and paid to the state, as well as the conditions governing operators.

The Venezuelan account differs in emphasis from details provided by a U.S. official to CBS. The official said the agreement would include a 100-year concession to a private joint venture, with the U.S. government controlling 55% through its stake in the project and its ability to obtain oil at cost. The source described the venture as the world's second-largest corporate owner of proven oil reserves but did not identify the company.

Venezuela retains ownership and sovereignty over its resources.

· Delcy RodríguezShe stressed Venezuela's control over its natural resources while outlining the agreement.
About this summary

Originally published by La Vanguardia 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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