Trump’s Venezuela oil deal targets 17 fields and up to 1.5 million bpd
What's new: Trump said ExxonMobil and Chevron could invest, while questions remain over legality under Venezuelan law.
President Donald Trump’s new Venezuela oil pact would give a US-backed venture exclusive development rights to 17 oil fields holding about 64 billion barrels of proved reserves, with potential supply of up to 1.5 million barrels a day to the United States. PBS reported the Pentagon would receive more than half the value of the joint venture, making it the first known case of the US government taking an ownership stake in an overseas oil project. Trump also said ExxonMobil and Chevron were among companies committed to invest. The arrangement follows Washington’s takeover of oversight of Venezuela’s oil sector after the capture of Nicolas Maduro, and analysts told PBS the structure appears unprecedented and may conflict with Venezuelan law.
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Earlier in this story
- 5 hours agoVenezuela sets 25-year energy deal with U.S., targets 1.5 mln bpd
- 9 hours agoTrump’s Venezuela oil deal targets 17 fields and up to 1.5 million bpdreading now