New 25-Year Energy Agreement Signed Between Venezuela and the US
A 25-year energy agreement signed between Venezuela and the US aims to increase crude oil production to 1.5 million barrels per day.
Venezuela's interim President Delcy Rodriguez announced that the 25-year energy agreement concluded with the US aims to increase crude oil production and protect national sovereignty.
Details and Objectives of the Agreement
Venezuela's interim President Delcy Rodriguez announced that the energy agreement made with the US will remain in effect for 25 years.
Under the bilateral agreement, the goal is to increase crude oil production to 1.5 million barrels per day and develop 17 strategic oil fields.
Economic Expectations and Revenues
Rodriguez stated that this historic agreement will revive the economy and significantly increase state revenues.
It is projected that the Venezuelan state could generate approximately $209 billion in revenue based on an oil price of $65 per barrel.
US Move and Reserves
US President Donald Trump had stated that they plan to revive Venezuela's oil industry with the support of American companies.
Although Venezuela possesses the world's largest proven oil reserves, it had fallen short of its potential due to years of sanctions and mismanagement.