Venezuela Signs 25-Year Energy Deal with US, Seeks to Boost Oil Production
Venezuela's interim President Delcy Rodriguez revealed details of a historic energy agreement between Venezuela and the US, set to last for 25 years.
The bilateral project involves developing 17 strategic oilfields with an initial production target of over 1.5 million barrels per day (bpd), specifically applying to the agreement between Venezuela and the US.
Rodriguez estimated that the deal could generate $209 billion in revenue for the Venezuelan state, based on an oil price of $65 per barrel, with approximately $19 from each barrel going directly to Venezuela.
The 25-year agreement marks a significant step towards reviving Venezuela's struggling economy and increasing government revenue, according to Rodriguez. The deal also involves partnerships with private businesses, securing majority control of over 65 billion barrels of Venezuela's proven oil reserves for the US.