This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day.

Axar.az reports, citing CNBC News, that Venezuela’s interim President Delcy Rodriguez described the agreement as “historic,” saying it would help revive Venezuela’s economy and increase government revenue.

Rodriguez said the agreement could generate about $209 billion in revenue for the Venezuelan state, based on a benchmark oil price of $65 per barrel, though she acknowledged crude prices could fluctuate. She said roughly $19 from each barrel produced and sold under the arrangement would flow directly to Venezuela, providing a significant boost to government revenue.

She also stressed that Venezuela would retain ownership of its natural resources.

“Venezuela retains ownership of and sovereignty over its natural resources, while leveraging capital, technology and operational expertise to support the recovery of a strategic industry that has been severely affected by sanctions,” Rodriguez said.

Two sources close to the negotiations said on Friday that Chevron was among the companies expected to finalize talks to transition its Venezuelan joint ventures into the country’s new energy framework.

U.S. President Donald Trump announced the agreement Friday, saying American companies would gain majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with private businesses.