The energy agreement between Venezuela and the United States is designed to last 25 years and envisages increasing oil production to more than 1.5 million barrels per day. This was stated by Venezuela’s interim president, Delcy Rodríguez, Reuters reports, writes UNN.
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Rodríguez called the agreement “historic” and said it should help restore the country’s economy and increase state revenues. According to her, Venezuela will retain sovereignty over its natural resources.
This 25-year bilateral project envisages the development of 17 strategic oil fields, with a target production volume of more than 1.5 million barrels per day
The plan envisages the development of new oil blocks
According to Rodríguez, 1.5 million barrels per day is only the initial target under the bilateral agreement with the United States. The broader plan also envisages developing eight more oil blocks from scratch and further expanding Venezuela’s energy sector.
The day before, U.S. President Donald Trump announced plans for Washington to gain partial control over Venezuela’s vast oil reserves.
The U.S. side expects that the involvement of American companies will help restore the country’s oil industry and create an additional source of crude oil for the U.S. market.