Venezuela's interim President Delcy Rodriguez said on Saturday that the country retains its sovereignty following the announcement of a deal granting the US rights to extract billions of barrels of oil.
In a televised address, Rodriguez described the agreement with Washington as “historic,” covering the transfer of 65 billion barrels of Venezuela's oil over 25 years, allowing Caracas to develop its oil industry while maintaining “ownership and sovereignty” over its resources.
The project is set to develop 17 strategic oil fields with an initial production target of 1.5 million barrels per day. Expansion plans also include developing eight new oil blocks as part of a broader energy sector strategy.
Under the deal, $19 from each barrel produced and sold to the US will go to Caracas. Rodriguez estimated the arrangement could generate up to $209 billion annually for Venezuela, depending on oil prices.
“Venezuela will retain ownership of its natural resources while leveraging capital, technology, and operational expertise to help revive a strategic industry severely affected by sanctions,” Rodriguez said.
Earlier, US President Donald Trump on Friday announced plans for Washington to take control of a portion of Venezuela's vast oil reserves, with foreign companies, including American firms, participating in rehabilitating the country's deteriorated energy infrastructure.
Reuters reported that Venezuelan officials are preparing to sign the agreement next week, granting new oil exploration and extraction rights to multiple companies, including US-based Chevron.
Caracas has faced pressure to act on Washington's demands since January, when US special forces abducted President Nicolas Maduro and handed leadership to Vice President Rodriguez.
