U.S., Venezuela strike deal on 65 billion barrels of oil
Caracas says 17 strategic fields are included, with more than US$100 billion in investment aimed at restoring the hydrocarbons sector.
The United States and Venezuela signed an oil agreement that is said to cover 65 billion barrels of proven reserves across 17 strategic Venezuelan fields. U.S. President Donald Trump claimed Washington obtained majority control through a partnership with private companies, while the Venezuelan government said the deal will drive major investment to restore strategic hydrocarbons infrastructure.
According to a statement from Caracas, the plan opens the way for more than US$100 billion in investment and potential state tax revenue of more than US$209 billion. Venezuela's acting President Delcy Rodriguez said the agreement is also intended to significantly increase oil production. Trump has not outlined the structure of the deal, the companies involved, or the mechanism for U.S. majority control over the reserves.