Trump Announces Historic Deal to Access Venezuela's Vast Oil Reserves

The US government and North America Blue Energy Partners (NABEP) have formed a new company to exploit Venezuela's vast oil reserves, according to an agreement announced by President Donald Trump. The deal grants NABEP rights to untapped oil fields for 100 years and involves the development of 17 fields with a proven potential of 65 billion barrels.

Trump claimed that the agreement will give the US access to Venezuela's oil resources, which could lead to a significant increase in production and revenue. However, experts warn that Venezuela's dilapidated oil infrastructure will take years and billions of dollars to repair, making it unlikely that production will be boosted soon.

The deal also includes a provision for the Pentagon to hold a 35% ownership stake in the company, while the State Department will get a guarantee to purchase 20% of the output at cost. The US will also use some of the oil purchased under this agreement to fill its strategic oil reserves.