The United States and Venezuela have reached an agreement on cooperation in the oil sector. The agreement provides for joint management of strategic oil fields and investment in infrastructure. President Donald Trump announced the deal via social media, highlighting an increase in energy supply.
Venezuelan interim President Delcy Rodríguez praised the agreement as a key step for economic recovery. She stated that investments would go towards the development of the hydrocarbon industry. According to her, the state would collect more than $209 billion through taxes. Total expected investment is estimated at more than $100 billion.
The agreement covers the development of 17 strategic oil fields. Concessions for these projects have been awarded for a period of 100 years. US officials confirmed that the US will retain a 55 per cent stake in the joint venture. The partnership includes experienced private operators from the energy sector.
Secretary of State Marco Rubio called the deal a major victory for both countries. He emphasised that the project would support thousands of jobs. Trump stressed that the agreement does not cost American taxpayers. In the background, previous seizures of US assets in Venezuela were cited.
Venezuela possesses the largest proven oil reserves in the world. Current daily production stands at 1.25 million barrels. The announcement of the agreement came on 30 January. The aim is to strengthen energy security and stabilise the market.
