00:00Venezuela and the United States have signed a historic energy agreement that acting president Elsie Rodriguez has emphasized
00:06will help revive the economy and boost revenue, helping shape the country's future.
00:11Let's learn more about the deal.
00:14The deal has a set duration of 25 years and allowed Venezuela to develop its oil industry while preserving ownership
00:21of and sovereignty over its resources.
00:23The project envisages the development of 70 strategic oil fields with an initial production target of 1.5 million barrels
00:31per day.
00:32The broader plan also includes the development of 8 greenfield oil blocks as part of a wider expansion of the
00:39country's energy sector.
00:42Under the deal, $19 from every barrier of oil produced and sold to the U.S. will flow to Caracas,
00:48an arrangement that, according to the acting head of state, will be worth $209,335 billion to Venezuela.
00:56The agreement that involves energy giants including Chevron, Dresol, Eni, Shell and BP also envisages a royalty rate of at
01:03least 16% and an income tax rate of 34%.
01:07These funds will be allocated directly to the modernization of public services, healthcare, education and national infrastructure and help accelerate
01:14the country's economic recovery.
01:18With the agreement, Venezuela will keep ownership of its natural resources while leveraging capital, technology and operational expertise to support
01:27the recovery of a strategic industry that has been severely affected by foreign sanctions.
01:32It will move the nation towards the goal of becoming an energy powerhouse, a major oil producer, a significant gas
01:38supporter and a leader in the national petrochemical industry.
Comments