Caracas, Aug 30 (V7N)- Venezuela's interim President Delcy Rodriguez has said the country will maintain its sovereignty despite a new oil agreement with the United States, Al Jazeera reported.
In a televised address on Saturday (August 29), Rodriguez said the agreement with Washington would provide the United States with access to 65 billion barrels of Venezuelan oil reserves. The agreement is expected to remain in effect for 25 years and aims to revive Venezuela's oil industry.
According to Rodriguez, 17 strategic oil fields will be developed under the agreement, with an initial production target of 1.5 million barrels per day. Eight additional greenfield blocks will also be developed as part of a broader expansion of the country's energy sector.
She said Caracas would receive $19 for every barrel of oil produced and sold in the United States. Depending on global oil prices, the arrangement could generate as much as $209 billion in annual revenue for Venezuela, she claimed.
Rodriguez stressed that Venezuela would retain ownership of its natural resources while benefiting from foreign capital, technology and management expertise to restore its oil industry, which has suffered heavily under years of sanctions.
Earlier, on Friday (August 28), US President Donald Trump announced that Washington planned to take partial control of Venezuela's vast oil reserves. Under the proposed arrangement, foreign companies, including US firms, would participate in restoring Venezuela's damaged energy infrastructure.
Meanwhile, Venezuelan authorities are preparing to sign agreements next week granting new oil exploration and production rights to several companies, including US energy giant Chevron.
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