Venezuela says U.S. oil deal will last 25 years and preserve sovereignty over resources

Venezuela’s acting president, Delcy Rodríguez, said Sunday that a new oil agreement with the United States will remain in effect for 25 years and that Caracas will retain ownership and sovereignty over its natural resources.

In a televised address on state broadcaster VTV, Rodríguez said the agreement includes the development of 17 strategic oil fields, with production expected to exceed 1.5 million barrels per day. She said the deal could generate nearly $210 billion for the Venezuelan state, based on an estimated oil price of $65 per barrel.

Rodríguez said the agreement is intended to help revive Venezuela’s oil industry, which has been severely affected by sanctions, while emphasizing that the country retains control and ownership of its natural resources. She described the agreement as the result of a diplomatic approach aimed at turning differences with Washington into cooperation.