US takes 55% stake in 65 billion barrels of Venezuela oil
What's new: Venezuela said the 25-year accord targets 1.5 million barrels a day and could draw more than $100 billion in investment.
The United States has secured a 55% stake in a joint venture covering 65 billion barrels of Venezuela's proven oil reserves, according to U.S. and Venezuelan accounts of a new energy accord. Donald Trump said the deal gives Washington access to the reserves, while Delcy Rodríguez said it would help revive Venezuela's economy without surrendering sovereignty. Venezuelan officials said the agreement covers 17 oil fields, aims to lift crude output to 1.5 million barrels per day and could bring in more than $100 billion in investment and $209 billion in taxes. Key terms remain unclear, including the identity of the private operator and when drilling could begin.
Sources
- The HillTier 270% reliableRead →18 hours ago
Earlier in this story
- 3 hours agoTrump moves for US control of 65 billion barrels in Venezuela
- 8 hours agoUS-Venezuela oil pact targets 17 fields and 65 billion barrels
- 9 hours agoVenezuela sets 25-year US oil deal with 1.5 million bpd target
- 11 hours agoU.S., Venezuela strike deal on 65 billion barrels of oil
- 11 hours agoUS takes 55% stake in 65 billion barrels of Venezuela oil
- 11 hours agoUS takes 55% stake in 65 billion barrels of Venezuela oilreading now