Venezuela's acting president Delcy Rodríguez confirmed a 25-year bilateral oil agreement with the United States aiming to surpass 1.5 million barrels per day.
Key points
- The project targets 17 strategic fields in the Orinoco Oil Belt, with US President Donald Trump highlighting control over major reserves.
- Venezuela expects over $209 billion in revenue based on a $65 price per barrel, maintaining resource ownership and sovereignty.
- The partnership combines Venezuelan industry experience with US capital, technology, and operational capacity to recover the sanctions-hit sector.
Why it matters
This long-term energy agreement marks a significant shift in US-Venezuelan bilateral relations and aims to revitalize Venezuela's strategic oil industry through substantial foreign investment.
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