VENEZUELAN state revenues under the oil development agreement with the United States could reach approximately $209 billion, or approximately $19 per barrel produced and sold, the country’s interim president, Delcy Rodriguez, said. “In specific terms, this means that for every barrel produced and sold, approximately $19 goes directly to our country,” Rodriguez said in her address to the nation. She clarified that this calculation was based on a price of $65 per barrel, which could be higher or lower.
The agreement provides for royalties and profit taxes to be paid to the state. Specifically, for eight new blocks to be developed in the Orinoco oil belt, the minimum royalty will be 16 per cent, and the profit tax will be 34 per cent. According to Rodriguez, the bilateral agreement with the United States is for 25 years and provides for the development of 17 strategic fields with the goal of increasing production to over 1.5 million barrels per day.
SPUTNIK
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