enezuela’s interim President, Delcy Rodriguez, has said the country retains ownership and sovereignty over its oil resources under a new energy agreement with the United States.

Rodriguez made the declaration on Saturday in a televised address following US President Donald Trump’s announcement that Washington had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves.

She said the agreement was aimed at attracting investment, technology and operational capacity to revive Venezuela’s oil industry, which has suffered years of declining production and underinvestment.

The 25-year agreement covers the development of 17 strategic oilfields, with an initial production target of about 1.5 million barrels per day, as well as eight new oil blocks.

Rodriguez said Venezuela would receive about 16 per cent in royalties and 34 per cent in income tax under the arrangement, with the government expecting significant additional revenue from increased oil production.

She said about $19 from each barrel of oil produced and sold to the United States would flow to the Venezuelan government, potentially generating more than $200 billion annually depending on production levels and oil prices.

Trump had described the agreement as the “biggest oil deal in world history”, saying it would give US interests majority control over more than 65 billion barrels of proven Venezuelan reserves.

The agreement is expected to attract up to $100 billion in private investment to revive Venezuela’s oil sector.

The deal has, however, generated criticism within Venezuela, with opponents questioning its transparency, terms and implications for the country’s sovereignty.