Caracas: Rodriguez said the bilateral project would focus on developing 17 strategic oilfields, with the production target of 1.5 million barrels per day representing an initial goal under the Venezuela-US arrangement.
She added that Venezuela’s wider energy expansion plans would also include the development of eight new oil blocks, as the country seeks to revive an industry that has been hit by years of underinvestment, operational difficulties and sanctions.
According to Rodriguez, the agreement could generate around $209 billion in revenue for the Venezuelan government, based on a benchmark crude oil price of $65 per barrel, although she acknowledged that global oil prices could fluctuate.
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She said approximately $19 from every barrel produced and sold under the arrangement would flow directly to Venezuela, providing a significant source of revenue for the state.
Rodriguez said the partnership would help revive Venezuela’s economy, strengthen government finances and play a significant role in shaping the country’s future.
At the same time, she stressed that Venezuela would retain ownership and sovereignty over its natural resources while drawing on foreign capital, technology and operational expertise to support the recovery and expansion of its strategically important energy sector.
