Trump’s ‘biggest oil deal in world history’ in Venezuela reeks of ‘colonial cronyism’ and could easily fall apart, experts say
The U.S.-Venezuela agreement would include a third-party oil operator and incorporate 17 mature or undeveloped oilfields.
President Trump unveiled his plan for the United States to gain majority control of Venezuela's oilfields, a deal that echoes the colonial practices of yesteryear. Experts have criticized the arrangement, deeming it akin to "colonial cronyism," but also acknowledge the potential for revitalization of Venezuela's oil industry. The U.S. would acquire over 65 billion barrels of proven oil reserves in 17 Venezuelan fields, with Chevron taking the lead in private production.
The agreement involves substantial investment, potentially exceeding $100 billion, and would generate more than $209 billion in tax revenue for Venezuela. However, the deal's timeline extends beyond the administrations of Trump and interim Venezuela President Delcy Rodriguez, implying that success may take years to achieve. The White House and NABEP declined to provide further comment.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
