"One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources while it uses capital, technology and operating capacity to leverage the recovery of a strategic industry hard hit by sanctions," Rodriguez said.

She said the goal was to turn Venezuela's oil reserves into "production, opportunities, wellbeing and future" for the population.

Rodriguez estimated that at a reference price of $65 per barrel, the Venezuelan state could receive around $209.34 billion in revenue, or about $19 for every barrel produced and sold.

The project also includes eight new blocks in the Orinoco Oil Belt, with minimum royalties of 16% and an income tax rate of 34%.

Rodriguez thanked US President Donald Trump and Secretary of State Marco Rubio for their involvement in the negotiations, saying Venezuela had chosen diplomacy to turn differences with Washington into cooperation and investment.

Trump described the agreement as the largest oil deal in history and said the United States would obtain majority control over the reserves involved. His description contrasts with Caracas's position that Venezuela will retain ownership and sovereignty over its resources.