Venezuela and the U.S. sign a 25-year oil agreement worth $209 billion

Venezuela's interim president, Delcy Rodríguez, has revealed details of an oil agreement with the United States designed to last 25 years.

According to her, the document covers 17 strategic fields and is aimed at increasing oil production to a level of more than 1.5 million barrels per day. With the projected price of crude at around 65 dollars per barrel, Venezuela expects to receive about 19 dollars in net income from each barrel, which in total will bring the state more than 209 billion dollars.

The agreement sets royalties at 16% and a 34-percent profit tax for the companies operating at the sites. Venezuela will provide the resource base, infrastructure, and workforce, while the American side will ensure the attraction of capital and technology. The investments are expected to help create new jobs and restore the country's oil industry, which has suffered from sanctions.