Venezuelan President Delcy Rodríguez announced a 25-year agreement with the United States to jointly develop oil fields and “green blocks”—areas not yet brought into commercial production—in the Orinoco Oil Belt. According to her, the deal is expected to attract investment, create jobs and help restore the national economy. Caracas, meanwhile, retains full ownership of its natural resources.
The project plans to develop eight such blocks. Authorities expect production to reach 1.5 million barrels per day, with total revenue of approximately $209 billion, of which $19 billion will go directly to Venezuela. The agreement provides for a minimum royalty of 16% and a 34% corporate income tax rate, which Rodríguez says is significantly more favorable than the terms offered under the oil opening of 30 years ago.
The head of state said the funds raised would be used to modernize public utilities, healthcare, education and infrastructure as part of the “Venezuela Reborn” project. She emphasized that Caracas had chosen the diplomatic path and sought to turn disagreements with Washington into cooperation, investment and increased production. Rodríguez also thanked US President Donald Trump, Secretary of State Marco Rubio and both administrations for their role in preparing the agreement, which is intended to strengthen Venezuela’s position in the global energy market.
Full version: Energy transition and the future: The key points of the agreement between Venezuela and the US, according to Delcy Rodríguez