Venezuela's interim president, Delcy Rodriguez, has disclosed the revenues the country expects from its oil agreement with the United States, according to infohub.kz.
She said the revenues could reach about $209 billion, or roughly $19 per barrel produced and sold. "In concrete terms, this means that for every barrel produced and sold, about $19 goes directly to our country," the politician stated.
The agreement includes royalties and a profit tax in favor of the state. Specifically, for eight new blocks to be developed in the Orinoco oil belt, minimum royalties will be 16%, and the profit tax will be 34%. According to Rodriguez, the calculations were made with oil at $65 per barrel.
The 25-year deal covers the development of 17 strategic fields, aiming to boost production to over 1.5 million barrels per day. "Venezuela receives in return production, jobs, infrastructure investment, substantial state revenues, and production chains for the national industry," Rodriguez said.
The politician added that Venezuela seeks to become an energy power, a major oil producer, a significant gas exporter, and to develop its national petrochemical industry. Earlier, US President Donald Trump announced the conclusion of what he called the "largest oil deal in world history" with Venezuela.