US energy firms significantly expand operations in Venezuela after Washington's oil deal with Caracas
US officials denied accusations that the deal was holding Venezuela for ransom, stressing that it is mutually beneficial deal for all, developing an unutilised underground asset.
The US has expanded its energy operations in Venezuela following a deal between Washington and Caracas. The agreement allows US companies to develop an unutilised underground oil asset in Venezuela.
US Energy Secretary Chris Wright defended the deal, saying it was mutually beneficial and not an attempt to "steal Venezuelan oil". According to Wright, the oil is owned by the people of Venezuela, and private companies are bringing in the necessary funds and technology to produce it. The Venezuelan government is expected to earn $209 billion over 25 years from the accord.
The deal gives the US majority control of over 65 billion barrels of oil in Venezuela, which has the largest proven oil reserves in the world. Wright also highlighted the need to improve Venezuela's electricity sector, which has been plagued by hours-long power cuts.
Brief written by urgent.news from Euronews, Malay Mail — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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