The President of the National Assembly, Deputy Jorge Rodríguez (PSUV/National), clarified during this Tuesday’s extraordinary plenary session that the recently announced energy negotiation between Venezuela and the United States is based on the Constitution of the Republic and the Organic Law on Hydrocarbons, enacted last January.
The parliamentarian emphasized that the bilateral agreement contemplates the exploitation of 17 oil fields with a projected increase in production of 1.5 million barrels per day, and an estimated income and resources for the country in the range of 209 to 210 billion dollars.
Regarding the CPPs:
He remarked, during the debate on the energy agreement, that it also includes Productive Participation Contracts (CPPs), a mechanism through which the state-owned PDVSA company partners with foreign companies for oil extraction.