US and Venezuela Reach 65 Billion Barrel Oil Agreement

The US President announced that control of Venezuelan oil will be secured through a new joint venture agreement covering a significant portion of the country's proven reserves.

Details of the Agreement

The US President publicly announced this development on August 28, describing it as one of the largest oil deals in the world.

It was stated in the announcement that this agreement will entail no cost to US taxpayers and will be carried out as a partnership with the private sector.

Joint Venture and Corporate Structure

It was stated that the US government will hold a majority stake in the partnership through an office within the Pentagon.

It was reported that the private equity share will be held by North American Blue Energy Partners, a company controlled by Alejandro Betancourt.

Reserves and Fields

It was reported that the new company will have the right to develop and operate 17 oil fields spread across the Orinoco Belt and Lake Maracaibo.

Among the acquired information is that the contracts can last up to fifty years and be renewed for an equal period.

Political Controversies

The agreement raised various constitutional questions as it was concluded with Delcy Rodríguez, a leader who did not come to power through elections in Venezuela.

On the other hand, it was recalled that former leader Nicolás Maduro was detained by US commandos in January and taken to New York.