Venezuela's Oil Deal with US Could Generate $209 Billion

Venezuela's interim president Delcy Rodriguez announced that an oil development agreement with the US could bring in significant state revenues. According to Rodriguez, the deal has the potential to generate approximately $209 billion over 25 years, or about $19 per barrel produced and sold.

The agreement allows for royalties and profit taxes to be paid to the Venezuelan state. For new blocks developed in the Orinoco oil belt, the minimum royalty will be 16%, and the profit tax will be 34%. The deal also calls for the development of 17 strategic fields with the goal of increasing production to over 1.5 million barrels per day.

Rodriguez emphasized that Venezuela maintains ownership and sovereignty over its resources while utilizing capital, technology, and operational capabilities to rebuild a damaged industry. This marks another significant step in the country's efforts to become an energy powerhouse and major oil producer.