Venezuela Confirms Major Oil Agreement with the US: 17 Strategic Fields to Be Developed

Deep News08-29 10:30

Venezuela's acting president, Delcy Rodríguez, announced on the 28th that the nation has reached a large-scale oil cooperation agreement with the United States. In a government communiqué published via her social media, Rodríguez stated that the pact will permit private sector participation, aiming to significantly boost oil output.

The agreement outlines the development of 17 strategic oil fields, with investments surpassing $100 billion. It is projected to generate over $209 billion in tax revenue for the Venezuelan government.

On the same day, former US President Donald Trump took to social media to declare that Washington has secured a deal granting it "majority control" over more than 65 billion barrels of Venezuela's proven oil reserves. Following this, on January 29, Rodríguez signed legislative reforms related to the oil law, which now allow both private and foreign investment into Venezuela's petroleum industry.

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