Venezuela says it retains ‘sovereignty’ following US oil deal
Summary
Venezuela’s interim President Delcy Rodriguez said the country will keep control over its oil resources despite a new 25-year deal with the United States. The deal allows US and other foreign companies to help develop Venezuela’s oil fields while Venezuela retains ownership and receives revenue from oil sales.Key Facts
- Venezuela will hand over rights to develop 65 billion barrels of oil to the US and other foreign companies for 25 years.
- Initial oil production goal is 1.5 million barrels per day from 17 strategic oilfields.
- The deal includes developing 8 new oil blocks to expand Venezuela’s energy sector.
- Venezuela will get $19 from every barrel sold to the US, potentially earning $209 billion per year depending on oil prices.
- Venezuela says it will keep ownership and sovereignty over its natural resources.
- The agreement aims to use foreign money, technology, and skills to fix Venezuela’s damaged oil industry.
- US President Donald Trump announced the deal, which includes allowing US company Chevron to operate in Venezuela.
- Venezuela’s leadership changed after US forces abducted then-President Nicolas Maduro earlier in the year.
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