The Oil Agreement Will Generate Resources for the State<\/em><\/strong><\/p>\n\n\n\nIn a message to the nation broadcast on Aug. 29, Venezuelan Acting President Delcy Rodriguez announced a major partnership with the United States for the joint exploitation of oil fields and greenfield blocks in the Orinoco Oil Belt.<\/p>\n\n\n\n
The agreement aims to consolidate Venezuela as a global energy power through a contractual framework that preserves state sovereignty over reserves and guarantees resources for public services, health care, education, and national infrastructure. The full text of her message is presented below:<\/p>\n\n\n\n
\u201cYesterday, we announced a historic agreement with the U.S. government that will have a major impact on the lives of all Venezuelans in the medium and long term. We are committed to the Venezuela of a prosperous future, in which men and women can look toward the future one year, five years, 10 years, 50 years from now. We are thinking about the Venezuela of the future.<\/p>\n\n\n\n
As everyone knows, our country has the largest oil reserves in the world. But having resources underground is not enough. We need investment, technology, infrastructure, and productive capacity to turn that wealth into well-being for our people.<\/p>\n\n\n\n
There is no point in having our oil reserves underground merely so that they appear in a statistic or an accounting record and we can say, \u2018We are the country with the largest reserves in the world,\u2019 when we cannot transform them and translate them into development for Venezuela.<\/p>\n\n\n\n
Our reserves must be transformed into well-being, prosperity and happiness for this country and allow us to recover our productive capacity to consolidate ourselves as an energy and producing power.<\/p>\n\n\n\n
In this way, we not only generate better income, public services, health care, education, and roads for our people, but we also contribute to the hemisphere\u2019s energy security and to a more balanced and stable international energy market.<\/p>\n\n\n\n
This agreement starts from a very simple premise: Each party contributes what it can do best. Venezuela contributes oil, its industry, and the experience of its workers over more than 100 years. The United States contributes the capital and technology needed to recover and develop those assets.<\/p>\n\n\n\n
In return, Venezuela receives production, employment, investment in infrastructure, higher revenues for the state and productive linkages for the national industry. The benefits are countless.<\/p>\n\n\n\n
This 25-years binational project contemplates the development of 17 strategic fields with a production target exceeding 1.5 million barrels per day. This is only through the Venezuela-U.S. binational agreement, but our goal goes further.<\/p>\n\n\n\n
With the signing of other important agreements involving major companies such as Chevron, Repsol, Eni, Shell, and BP, we want to become an energy power, a major oil producer, an important gas exporter, and achieve major national petrochemical development.<\/p>\n\n\n\n
And here is a legitimate question that every Venezuelan has the right to ask: How much does Venezuela receive? Taking as a reference a price of US$65 per barrel, which could be higher or lower, our country\u2019s revenues would reach a total of US$209.335 billion for the Venezuelan state. In concrete terms, this means that for every barrel produced and sold, nearly US$19 goes directly to our country.<\/p>\n\n\n\n
The last major project for the development of four greenfield blocks in the Orinoco Oil Belt was carried out through strategic associations during the oil opening 30 years ago, with royalties of 1% and a 34% income tax.<\/p>\n\n\n\n
This binational project contemplates the development of eight greenfield blocks in the Oil Belt, with minimum royalties of 16% and a 34% income tax. What will all this make possible? To leverage the country\u2019s recovery and advance the improvements that all Venezuelans want, need, and deserve.<\/p>\n\n\n\n
That is why we chose the path of diplomacy with the United States, to transform our differences into cooperation, and that cooperation into investment, production, well-being and concrete results for Venezuelans.<\/p>\n\n\n\n
I thank President Donald Trump, Secretary Marco Rubio and his government for the effort made by both his government and our government, by the entire Venezuelan team that dedicated time to reaching this agreement.<\/p>\n\n\n\n
But there is something that must remain absolutely clear: Venezuela retains ownership and sovereignty over its resources while using capital, technology, and operational capacity to leverage the recovery of a strategic industry that has been severely affected by sanctions.<\/p>\n\n\n\n
Venezuelans have the right to know how much is invested, how much is produced, how much the state receives and what the conditions are for operators. And the objective of developing them must be for that wealth to once again be transformed into production, opportunities, well-being, and a future for our country.<\/p>\n\n\n\n
That is everyone\u2019s commitment: A Venezuela that is reborn to improve the lives of every Venezuelan. I continue to ask and pray to God that his protection remains over our homeland and our people.\u201d<\/p>\n\n\n\n
teleSUR\/ JF<\/em><\/strong><\/p>\n\n\n\nSource: teleSUR \u2013 Presidential Press<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"In an exclusive interview with teleSUR on Monday, petroleum engineer German Marquez-Hill explained that the contractual model of the Venezuela-U.S. oil agreement guarantees energy sovereignty and economic benefits for the… <\/p>\n","protected":false},"author":1,"featured_media":12859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"ppma_author":[8],"class_list":["post-12858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"authors":[{"term_id":8,"user_id":1,"is_guest":0,"slug":"yolaunicaquehay","display_name":"RRebeldeAdminWP","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/e6145d63ff95c9a0f0e53b7149804b1faf86748d6cc15f466103269a288ea377?s=96&d=mm&r=g","author_category":"","user_url":"https:\/\/www.radiorebelde.cu\/english","last_name":"Radio Rebelde","first_name":"WebMaster","job_title":"","description":""}],"_links":{"self":[{"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/posts\/12858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/comments?post=12858"}],"version-history":[{"count":1,"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/posts\/12858\/revisions"}],"predecessor-version":[{"id":12860,"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/posts\/12858\/revisions\/12860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/media\/12859"}],"wp:attachment":[{"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/media?parent=12858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/categories?post=12858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/tags?post=12858"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.radiorebelde.cu\/english\/wp-json\/wp\/v2\/ppma_author?post=12858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}