Venezuela says it retains sovereignty after landmark US oil deal

Venezuela's interim President Delcy Rodriguez has defended a new energy agreement with the United States, saying the country will retain ownership and sovereignty over its natural resources despite Washington gaining greater control over its oil industry. Rodriguez described the 25-year agreement as a 'historic' deal that could help revive Venezuela's struggling energy sector and significantly increase government revenue. The agreement covers the development of 17 strategic oilfields, with an initial production target of more than 1.5 million barrels per day. Venezuela expects $209bn in revenue Rodriguez said the agreement could generate around $209 billion for the Venezuelan state, based on an oil price of $65 per barrel. Under the arrangement, about $19 from every barrel of oil produced and sold to the United States would flow directly to Caracas. She said the production target was only an initial objective, while the broader plan also includes the development of eight new oil blocks. Rodriguez says Venezuela will retain oil ownership Defending the agreement, Rodriguez said Venezuela would maintain ownership of its natural resources while using foreign capital, technology and expertise to rebuild an industry weakened by years of sanctions, underinvestment and mismanagement. 'This 25-year bilateral project envisages the development of 17 strategic oilfields,' Rodriguez said in a televised address. Venezuela holds the world's largest proven oil reserves but currently produces around 1.25 million barrels per day, significantly below its potential output. US to gain greater role in Venezuelan oil sector US President Donald Trump announced plans on Friday for Washington to take partial control of Venezuela's vast oil reserves through partnerships with private companies. Trump said the arrangement would give the United States majority control of more than 65 billion barrels of Venezuela's proven reserves, although he provided few details about how the agreement would operate. Venezuelan officials are expected to sign further agreements next week granting oil exploration and production rights to several companies, including US firms. Chevron is reportedly among the companies expected to finalize arrangements under the new energy framework.