Commodities
US-Venezuela Oil Deal Set to Unlock $100 Billion Investment
Venezuela has struck a historic agreement with the US government to restore and rebuild its hydrocarbon industry, attracting large-scale investment in the process.
The deal, described by Venezuelan acting President Delcy Rodríguez as 'historic', will allow Venezuela to significantly increase oil production through the participation of private operators.
The agreement focuses on developing 17 strategic oil fields with proven reserves of 65 billion barrels, requiring over $100 billion in investment and yielding more than $209 billion in tax revenues for the Venezuelan state.