Donald Trump announced that the United States has reached an agreement with Venezuela that will give Washington majority control over more than 65 billion barrels of the South American country’s proven oil reserves, in what the American president called “the largest oil deal in world history.”
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“The United States of America has just concluded an agreement with Venezuela,” Trump wrote on social media, claiming that the deal, made through a partnership with private operators, will guarantee the US majority control over an amount of crude oil almost equivalent to the entire amount of US proven reserves.
According to a US official cited by the New York Times, the agreement would give the United States 55% of the production of a joint venture with a private operator active in Venezuela.
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Venezuelan President Delcy Rodriguez called the deal “historic” and said it would “have a significant impact on the rebirth of our nation.” The plan would involve 17 fields, foresee over 100 billion dollars in investments, and could generate, according to Caracas, 209 billion dollars in tax revenues for Venezuela. “We put our immense reserves at the service of national development,” Rodriguez said.
However, the details of the agreement remain largely unknown and the text has not been made public. According to the Washington Post, the United States would acquire a controlling stake in a new joint venture with 100-year concessions including almost a quarter of Venezuela’s untapped oil reserves.
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