00:00In an exclusive interview with Telesur, PDVSA Vice President Giovanni Martinez explained
00:05that the recent reform of the Organic Hydrocarbon Law has succeeded in maximizing foreign investment.
00:11In this regard, Martinez showed that Venezuela will guarantee that the agreement with foreign
00:16investors is fulfilled and remains in effect.
00:19He also explained that the process involves investment in land development and the installation
00:24of pipelines, while the Venezuelan state will earn $19 per barrel for providing clear conditions
00:30and support.
00:31The South American country is working to revive the oil industry entering into agreements to
00:36achieve substantial profits among partners.
00:44The agreements we are signing at the moment are based on a single principle, which is to
00:49give value to the reserves we have in the subsurface.
00:52This establishes a basic principle for us of profit, to convert them into commercial
00:57value.
00:58What does it mean to win from the other side?
01:01It is an agreement, the other side, that wins.
01:04The other side also wins energy security in terms of consumption.
01:08We and the world have become the epicenter that equalizes the need for crude oil to the
01:13world.
01:14As the President said yesterday, oil in the world today spends much more to maintain little,
01:20and here we need to invest to develop all the reserves we have.
01:28Also, by the Vice President, Giovanni Martinez explained that the country aims to become
01:33the world's largest oil producer.
01:39All of America needs oil, all of America.
01:44The Western Hemisphere is going to need a lot of energy in the coming years, and the energy
01:48that hydrocarbons are going to need is here in Venezuela.
01:54Countries that don't have oil, even countries that don't have an oil culture, are going
01:59to come here to Venezuela and say, Venezuela needs your oil.
02:03Colombia, we just signed an agreement with a Colombian company that is coming to invest
02:07here in Venezuela, because we know that Colombia needs gas.
02:11And the gas is also going to be here.
02:13The oil that they need is going to be here.
02:15So, all of this, in terms of numbers, when we compare Venezuela with the other five countries,
02:21with the largest amount of reserves, we have to honor the fact that we are the first country
02:26in the world.
02:26To stop saying that we are the largest oil reserve country in the world, that we have
02:31enough oil.
02:32No, we have to start now, to create that new history, to start saying that we are the country
02:37with the largest oil production in the world.
02:44In addition, for the president, Giovanni Martinez explained that they said on statements by
02:49acting president Dezio Rodriguez regarding the Venezuelan government's expected revenues
02:54as a result of recent international oil agreements, specifically a reason for the amount shared by
02:59the national executive.
03:02Look, this is simple for people to understand.
03:05Very simple.
03:06The price of a barrel of crude oil has a value.
03:09In our case, it's based on an international crude oil benchmark, the Brent.
03:14Because Brent is a high-quality crude, ours is compared to it, and there's already a natural discount.
03:20On that basis, then we start saying, OK, take away the CapEx, take away the OPEX, take away the profits,
03:27and what's left?
03:28The profit.
03:29That's why people say, look, but I sold at 65 a barrel when it was at 60, so why are
03:34we getting 19?
03:35Ah, but that's free. It comes out of thin air.
03:38Who buys the pipeline? Who invests?
03:41PDVSA isn't investing, nor is the Venezuelan government, and that's the big payoff.
03:46The investor comes in to put their money in.
03:49We're not putting in a single cent. We're providing the reserves they need.
03:53And mind you, it's not that they get them for free.
03:56They need them, and they have to produce them. They have to work them.
03:59And we, without doing anything, literally without doing anything,
04:04just by overseeing the process and setting clear terms for the agreement,
04:07are earning taxes and making 19 per barrel.
04:11Are these additional earnings or actual revenue?
04:14Additional earnings, of course, so it's a great deal. It's a great agreement.
04:18And here I use the word business, because that's exactly what it is.
04:22The investor comes to put money in to make money,
04:25and we're putting up the reserves to make money for the Venezuelan state.
04:29And you are ready to.
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