Venezuela finalized a bilateral agreement with the United States to reactivate its hydrocarbons industry on Friday, with 17 strategic fields, 65 billion barrels of proven potential and more than 100 billion dollars in investments.
Venezuela finalized a bilateral agreement with the United States to reactivate and rebuild the strategic infrastructure of its hydrocarbons industry, as Acting president Delcy Rodríguez announced this Friday, with private operators set to develop 17 specific oil fields.
“This initiative is the product of the strengthening of the relationship between Venezuela and the United States, and it will facilitate an important flow of investments destined for the recovery and reconstruction of strategic infrastructure for the development of our hydrocarbons industry,” Acting President Rodríguez affirmed.
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Acting President Delcy Rodríguez detailed the scale of the pact in an official statement: the 17 strategic fields hold proven potential of 65 billion barrels of oil. In this sense, investment will surpass 100 billion dollars, and more than 209 billion dollars will reach the Venezuelan state in tributes.
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“The development of 17 strategic fields is contemplated, with a proven potential of 65 billion barrels of oil, an investment of more than 100 billion dollars and more than 209 billion dollars in taxes for the state,” specified Rodríguez in a statement, highlighting the financial and operational scope of what was agreed.
The Venezuelan Acting President emphasized that the initiative will strengthen the relationship between both countries and “will facilitate an important flow of investments destined for the recovery and reconstruction of strategic infrastructure for the development of our hydrocarbons industry“.
Rodriguez also emphasized that the benefits will reach the industry, the national economy and the domestic social sphere. “These investments will contribute not only to the recovery and modernization of our industry, but also to the economic growth of our country, to the energy security of our hemisphere and to a greater balance in international markets,” she added.
“Our objective is to advance toward the consolidation of a productive energy power, placing our immense reserves at the service of national development, the generation of jobs, the increase of our workers’ income and the well-being of our people,” she added, emphasizing that the benefits of this stage will have a direct impact in the domestic social sphere.
New OFAC licenses issued
The pact arrives in parallel with regulatory changes in Washington. The Office of Foreign Assets Control (OFAC) issued on Thursday a package of eight new general licenses aimed at flexibilizing commercial and logistical operations and foreign investments in the hydrocarbons, mining and telecommunications sectors of Venezuela.
The regulatory update allows financial and operational transactions that had remained restricted within the sanctions scheme. It consolidates a legal framework designed to dynamize strategic activities in the South American country.
Venezuela remains under hundreds of unilateral coercive measures, part of a sanctions framework that has lasted more than a decade. The new licenses do not eliminate that framework, but they open a space for specific operations.
“Venezuela thus consolidates a new stage of recovery, growth, production, security and prosperity for our people,” concluded Acting President Delcy Rodríguez when announcing the agreement.
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