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US deal would give control of 65bn barrels of Venezuela oil reserves
The agreement calls for developing 17 strategic oil fields, with Venezuela saying it would require more than $100 billion in investment and over $209 billion in taxes for the state.
The United States reached a deal with Venezuela that would put the US in control of more than 65 billion barrels of the South American country’s proven oil reserves, President Donald Trump said.
Venezuela’s interim President Delcy Rodriguez said the agreement is intended to revive the Venezuelan economy, citing investment needed to develop the hydrocarbon industry and improvements to infrastructure.
Trump said the pact would increase American oil supply and help lower gas prices for consumers, adding that it was reached with Venezuela’s leadership through a partnership with private business and at no cost to the American taxpayer. Secretary of State Marco Rubio called it a win for both countries.
The deal includes plans to develop 17 strategic oil fields, Rodriguez said, and she cited more than $100 billion in investment, plus more than $209 billion in taxes for the Venezuelan state, while a US official told CBS News that the US government would retain 55% control of the joint venture with a private operator. Details on commitments and terms have not been released.