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Venezuela Sets Long-Term Oil Agreement with US
(MENAFN) Venezuelan interim President Delcy Rodriguez says an oil agreement reached with the United States is set to remain in force for 25 years, with the deal designed to push the country's daily crude production beyond 1.5 million barrels.
Speaking on Saturday, Rodriguez described the agreement as a “historic” development and said its long-term framework is intended to significantly expand Venezuela’s oil output.
"Our goal is to go even further with the signing of other major agreements involving giant companies such as Chevron, Repsol, Eni, Shell and BP. We want to become an energy power," she said.
Rodriguez explained that the arrangement is also expected to generate substantial financial returns for Venezuela, with around $19 from each barrel produced and sold going directly to the country.
"In concrete terms, this means that approximately $19 for every barrel produced and sold will go directly to our country."
She added that the agreement could provide Venezuela with considerable revenues. Based on an assumed crude oil price of $65 per barrel, Rodriguez estimates that the deal could generate approximately $209.335 billion for the Venezuelan economy.
Speaking on Saturday, Rodriguez described the agreement as a “historic” development and said its long-term framework is intended to significantly expand Venezuela’s oil output.
"Our goal is to go even further with the signing of other major agreements involving giant companies such as Chevron, Repsol, Eni, Shell and BP. We want to become an energy power," she said.
Rodriguez explained that the arrangement is also expected to generate substantial financial returns for Venezuela, with around $19 from each barrel produced and sold going directly to the country.
"In concrete terms, this means that approximately $19 for every barrel produced and sold will go directly to our country."
She added that the agreement could provide Venezuela with considerable revenues. Based on an assumed crude oil price of $65 per barrel, Rodriguez estimates that the deal could generate approximately $209.335 billion for the Venezuelan economy.
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