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Trump Reveals Major Oil Companies to Re-Enter Venezuela Amid Historic Deal

Guavy AI Editorial Team
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Oil
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US President Donald Trump announced that ExxonMobil is planning to re-enter Venezuela, nearly two decades after it exited following nationalization. The company operates the prolific Stabroek Block in Guyana, producing over 900,000 barrels of oil a day. Trump stated that Exxon is among several US companies, including Chevron, planning to do business in Venezuela.

The deal would grant the US access to a fifth of Venezuela's crude reserves, with production expected to grow to up to 1.5 million barrels per day. North American Blue Energy Partners (NABEP), previously owned by US oil tycoon Harry Sargeant and now controlled by Venezuelan businessman Alejandro Betancourt, will take over some oilfields previously controlled by Chinese companies and a Russian firm.

The agreement requires a three-layer structure to develop at least a portion of the 64 billion barrels of proved reserves contained in the 17 oilfields included. Trump stated that the US is making a fortune from the deal, with production being shipped to refineries in Texas and Louisiana.

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