The United States could gain control over a significant share of Venezuela's oil reserves for 100 years under a major agreement that U.S. President Donald Trump called "the largest oil deal in world history." The Telegraph reports, writes UNN.
Details
According to the publication, the agreements provide for long-term U.S. control over Venezuela's oil fields, while the American side could receive rights to use them for the next 100 years.
This concerns control over more than 65 billion barrels of proven oil reserves. That is more than one-fifth of Venezuela's total proven reserves, estimated at approximately 303 billion barrels and considered the largest in the world.
The agreement is designed to last for decades
The agreements cover 17 strategic oil fields. Private companies are planned to be brought in to develop them, while investment in Venezuela's oil industry could exceed $100 billion.
American oil companies are preparing to sign oil production agreements with Venezuela19.08.26, 06:15
Trump said the agreement would more than double the oil reserves available to the United States and, in the long term, help lower fuel prices for Americans.
At the same time, the detailed legal and commercial terms of the agreements have not yet been disclosed. In particular, it remains unclear in exactly what form the United States will obtain long-term rights to Venezuela's oil fields and how the 100-year control mechanism will be implemented.