00:00Venezuela does not accept orders from any external factor.
00:04That was the response of the acting president, Adelce Rodriguez, to the U.S. Secretary of
00:08the Treasury, who said that they were wrong in the country.
00:11The acting president's statements were made during consultations in the partial reform
00:16of the hydrocarbon law with private companies in the sector.
00:20More details with Madeleine Garcia.
00:23A handshake with foreign and domestic hydrocarbon companies, which together with Venezuela
00:33have vetted on the country despite illegal U.S. sanctions.
00:36Together these companies reach a daily production of 1.2 million barrels of oil, but it is time
00:40to move forward.
00:45And now we are entering a new stage, which is growth, and we need to adapt a lot to this
00:50new reality.
00:51And it is a law that respects our sovereignty and our principles.
00:56It is a law that will allow Venezuela to begin its journey to become a major producer, a giant
01:02producer in the world.
01:05We have to go from being the country with the largest oil reserves on the planet to being
01:13a giant producer.
01:15So that Venezuela is a giant alongside Russia, the United States and Saudi Arabia.
01:22So that we are giant oil producers because, excuse me for saying so, enough is enough with
01:29the title of having the largest reserves, which does not translate into development for Venezuela.
01:38But to do so, the hydrocarbon law must be amended without giving up sovereignty and incorporating
01:42successful partnership models, such as CPPs, productive participation contracts and other schemes that have guaranteed investment and have already produced results.
01:54And with this legal framework, allowing us to protect and benefit investment, attract domestic and foreign capital, and continue to recover and increase our production.
02:12This is a consultation with the hydrocarbon sector to hear their input.
02:17It is a win-win relationship.
02:19And another important thing is that the country does not have to invest money, but rather the
02:29resources are the investor's risk.
02:32And the resources also come from the sector invested by the private sector.
02:37So that foreign companies can come in a climate of legal certainty and security, and also with
02:42arbitration mechanisms established in the countries.
02:44Why?
02:45It is not that we are lowering or giving away the gality of oil, no.
02:50It is the investment made by the Venezuelan state when foreign or domestic private companies bring
02:55resources to invest in the so-called green fields.
02:58It is not the same hub made this law when we were producing 3.4 million barrels, and it is
03:06the situation we are currently experiencing.
03:08The idea is to bring in more investment to tap into green fields.
03:13According to the International Energy Agency, 80% of the planet's oil fields are deeply that
03:18anyone's need to be explored.
03:19Venezuela has them.
03:20The US company Chevron has confirmed its commitment and has done well.
03:24Its production has been the highest in the last 25 years of this century long existence in
03:28the country.
03:30We are prepared to continue contributing our experience in managing operations with technological
03:39innovation, hardware, and the task of creating a more competitive oil and gas sector.
03:46Together, we will build an even brighter future for the people of Venezuela.
03:51The table is set and a clear message to the US Treasury Secretary who said that the United
03:57States rules Venezuela.
03:58The statements were described by the acting president as offensive and irrelevant and she
04:03was compelled to respond.
04:05The people of Venezuela has a government and this government obeys to the people.
04:13We have no other external factor to obey.
04:18And the personal threats against me, I want you to know that I was already aware of these
04:27threats when I was sworn in as acting president and I assumed the position.
04:34We are not afraid nor are we afraid of respectful relations with the United States but they must
04:40be based on respect.
04:43Venezuela supports a diplomatic relationship of mutual respect with Washington.
04:49Meanwhile, the partial hydrocarbon law reforms will enter its second debate in parliament.
04:54Madalyn García, Telesur, Caracas, Venezuela.
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