Venezuela's interim President Delcy Rodriguez said on Saturday 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.
The message was broadcast from La Guaira by national television as Rodriguez visited construction sites for temporary camps for those affected by the twin earthquakes that struck Venezuela’s central coast.
During the tour, the president linked the agreement announced on Friday to Venezuela’s recovery and reconstruction plans, particularly for families who lost their homes in the earthquakes.
President Donald Trump on Friday announced an unprecedented US push to take control of a fifth of Venezuela's vast oil reserves, betting that American companies can revive the OPEC nation's battered energy.
Trump provided few details about the agreement, saying only that the US had secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business.
The South American nation's leader welcomed the agreement, saying it would boost the economy and government revenue.