Trump Touts 'Biggest Oil Deal' as Venezuela Agrees to Unlock Vast Reserves
US President Donald Trump announced a major oil deal with Venezuela on social media, calling it 'the biggest oil deal in world history.'
The agreement involves the development of 17 fields with proven potential for 65 billion barrels of oil. This could attract $100 billion in investment and yield over $209 billion in taxes for the Venezuelan government.
Venezuela's acting President Delcy Rodríguez predicted the deal would have a significant impact on the nation's revival, according to her posting on Telegram.
The agreement allows for the US to partner with a private operator in Venezuela to create a new company that will develop the oil fields. The US would hold 55% effective output of this new company, including an ownership stake and rights to buy oil at cost.
The deal has been negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Rodríguez. It comes nearly nine months after the US military operation to capture former President Nicolás Maduro and spirit him to the US to face federal charges.