President Trump is announcing a historic oil agreement that gives the United States majority control over more than 65 billion barrels of proven Venezuelan reserves.
The deal was negotiated at his direction by top officials with Venezuelan interim leadership and private partners, reports BBC.
It grants the US 55% effective output in a new joint venture oil company.
President Trump addressed the agreement on social media.
“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.
This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity.”
Secretary of State Marco Rubio called the deal a huge win that will bring nearly $100 billion in private investment and support thousands of high-paying jobs while driving reconstruction of Venezuela’s economy.
The arrangement includes 100-year concessions for fields in the Orinoco Belt and Lake Maracaibo.
It will support the US strategic petroleum reserve and military needs through equity ownership and at-cost off-take. The initiative will also increase oil supply and lower gas prices.
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