US Secures Control Over 65 Billion Barrels of Venezuelan Oil Reserves
US President Donald Trump announced on Friday that his administration has reached an agreement with Venezuela to control over 65 billion barrels of its oil reserves. The deal will, according to Trump, 'more than double' American oil reserves and lower gas prices in the US.
The partnership between the US government and a private operator in Venezuela will grant the US majority control of more than half the value of a new joint venture that will be the second-largest private oil company by reserves in the world. The deal will bring in nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy, according to Secretary of State Marco Rubio.
The US government has secured 55% effective output of the new joint venture through a partnership with a private company that was granted 100-year concessions for the oil fields. The deal will fill the US strategic petroleum reserve and meet the supply needs of the US military, said a White House official.