Major oil agreement between Venezuela and the US: Washington gains strength in energy investments

The United States and Venezuela have reached a historic agreement in the energy sector following long-standing negotiations. With this agreement, the US will hold a decisive stake in Venezuela's oil wealth and take on a significant role in the development of 17 of the country's critical oil fields.

US President Donald Trump, in a statement on social media platforms, described the agreement reached with Venezuela as "historic" and emphasized that it would significantly increase US oil reserves. Trump also stated that this cooperation would strengthen US energy supply security and contribute to lowering fuel costs.

Under the private sector partnership to be created within the scope of the agreement, the US side will hold 55 percent control, while the Venezuelan administration will grant concession rights for 100 years to operate the relevant oil fields. However, no announcement has yet been made regarding which American companies will operate in the field.

Venezuelan Interim President Delcy Rodriguez confirmed the agreement, stating that the investments in the project would make a critical contribution to the strengthening of the country's economy. Rodriguez also pointed out that the private sector's investment of over 100 billion dollars could provide Venezuela with a total of over 209 billion dollars in tax revenue.

US Secretary of State Marco Rubio described the agreement as a "major gain" for both the American and Venezuelan people. Rubio noted that the initiative would create thousands of new jobs in Venezuela and play a major role in modernizing the country's oil sector.

While Trump underscored that the cooperation would be carried out solely through the private sector, he stated that US taxpayers would not face any financial burden from this process. It is reported that US Secretary of Defense Pete Hegseth was also active in the negotiations for the project.

Venezuela is known as the country with the world's largest oil resources, with approximately 303 billion barrels of proven reserves. However, due to the economic crisis, lack of investment, and infrastructure problems experienced in recent years, the country's oil production has declined significantly.

While it is not yet clear how this new agreement will affect Venezuela's sovereignty over its natural resources, the parties are expected to announce a detailed implementation plan in the coming period.

News Source: 12punto