The US oil agreement with Venezuela will be in effect for 25 years
Venezuelan acting President Delcy Rodríguez announced on Saturday that the oil agreement reached with the United States will be in effect for 25 years with a production target of more than 1.5 million barrels per day.
Venezuela's acting president, Delcy Rodríguez, announced that a new oil agreement with the US will be valid for 25 years, with a production target of over 1.5 million barrels per day. The deal, which includes partnerships with major companies like Chevron, Repsol Eni, Shell, and BP, aims to make Venezuela an energy powerhouse. Based on a $65-per-barrel price, the country could receive $209.335 billion from the agreement.
The project involves developing eight blocks in the Orinoco Oil Belt, with minimum royalties of 16% and a 34% income tax. Rodríguez thanked US President Donald Trump and Secretary of State Marco Rubio for their efforts in securing the deal.
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