STORY: Venezuela's interim President Delcy Rodriguez said on Saturday (August 29) that the energy agreement with the United States would remain in force for 25 years, target an increase in crude output to 1.5 million barrels per day and preserve Venezuela's sovereignty over its natural resources.

"With the signing of other important agreements involving major companies such as Chevron, Repsol, Eni, Shell, BP and others. We want to become an energy powerhouse, a major oil producer, an important exporter of natural gas and a leader in national petrochemical development," Rodriguez said.

Rodriguez hailed the accord in a late-night address as a "historic" deal that would help revive the country's economy and boost government revenues, saying it would help shape the country's future.

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1. (SOUNDBITE) (Spanish) VENEZUELAN PRESIDENT DELCY RODRIGUEZ SAYING:

"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. This binational project, signed for 25 years, envisions the development of 17 strategic fields with a production target of more than 1.5 million barrels per day. This is solely under the binational agreement between Venezuela and the United States."

2. WHITE FLASH

3. (SOUNDBITE) (Spanish) VENEZUELAN PRESIDENT DELCY RODRIGUEZ SAYING:

"This binational project includes the development of eight greenfield blocks in the Orinoco Belt, with minimum royalties of 16% and an income tax rate of 34%. All of this will help support the country's recovery and advance the improvements that all Venezuelans want, need and deserve. That is why we chose the path of diplomacy with the United States of America, to transform our differences into cooperation, and that cooperation into investment, production, well-being and tangible results for Venezuelans. I thank President Donald Trump, Secretary (Marco) Rubio and their administration for their efforts, as well as our own government and the entire Venezuelan team that dedicated its time to reaching this agreement."

4. WHITE FLASH

5. (SOUNDBITE) (Spanish) VENEZUELAN PRESIDENT DELCY RODRIGUEZ SAYING:

"With the signing of other important agreements involving major companies such as Chevron, Repsol, Eni, Shell, BP and others. We want to become an energy powerhouse, a major oil producer, an important exporter of natural gas and a leader in national petrochemical development."

6. WHITE FLASH

7. (SOUNDBITE) (Spanish) VENEZUELAN PRESIDENT DELCY RODRIGUEZ SAYING:

"There is a legitimate question that every Venezuelan has the right to ask: how much does Venezuela receive? Using a benchmark oil price of $65 per barrel, which could be higher or lower, our country's revenues would reach a total of $209.335 billion for the Venezuelan state."

8. WHITE FLASH

9. (SOUNDBITE) (Spanish) VENEZUELAN PRESIDENT DELCY RODRIGUEZ SAYING:

"One thing must remain absolutely clear: Venezuela retains ownership and sovereignty over its resources while utilizing capital, technology and operational capacity to support the recovery of a strategic industry that has been severely affected by sanctions. 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. The goal of developing these resources must be to ensure that this wealth is once again transformed into production, opportunities, well-being and a future for our country."