US-Venezuela energy pact: What we know about Trump’s ‘biggest oil deal in world history’
In a landmark move, the United States and Venezuela have forged a 25-year energy partnership designed to uplift Venezuela's ailing oil sector and enhance production capabilities. Under this agreement, rights to unexplored oil reserves will be held for a century, with the U.S. claiming fifty-five percent of the new venture's output. This collaboration promises to inject significant investments and…
On Tuesday, the United States and Venezuela announced a groundbreaking energy pact, dubbed "the biggest oil deal in world history" by President Donald Trump. The 25-year agreement aims to revitalize Venezuela's struggling oil industry, with the US government investing billions of dollars and securing a 35% passive stake in the new company formed with an unnamed private operator.
The deal will boost Venezuela's oil production to 1.5 million barrels per day, tapping into 17 fields containing a proven potential of 65 billion barrels. The US will acquire 55% of the company's effective output, with oil benefiting the nation's strategic reserves and military. However, the exact cost and timeline of the deal remain unclear, with critics in Venezuela accusing the government of betraying its people in favor of the US.
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