Trump Announces US-Venezuela Oil Deal, Potentially Yielding Billions
The White House announced a deal to give the United States access to Venezuela's vast oil reserves, calling it 'THE BIGGEST OIL DEAL IN WORLD HISTORY'. The agreement would allow the US to extract energy from the country after American forces captured President Nicolás Maduro in January and brought him to New York to face federal drug trafficking charges.
According to Venezuelan acting president Delcy Rodríguez, the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas.
The US will get 55% effective output of the new company formed with an unnamed private operator, including an ownership stake and rights to buy oil at cost. The oil will be used to fill the US strategic oil reserves and supply the military, a US official said.