U.S. Announces Joint Venture to Control Majority of Venezuela's Oil Reserves
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The Trump administration said a new agreement will give U.S. companies majority control of more than 65 billion barrels of Venezuela's proven oil reserves, while Venezuelan officials claim the deal will bring investment and jobs.
Washington announced a deal that would give U.S. companies majority control of more than 65 billion barrels of Venezuela's proven oil reserves. The agreement, described by the White House as a 100-year concession, would involve a joint venture with a Venezuelan firm, North American Blue Energy Partners, owned by businessman Alejandro Betancourt. President Donald Trump said the arrangement would bring "millions and millions of barrels of oil" to the United States and involve major oil companies such as Exxon and Chevron.
Venezuelan interim President Delcy Rodríguez defended the pact, saying it would provide production, employment, infrastructure investment and higher state revenues, targeting more than 1.5 million barrels per day over a 25-year period.
U.S. Senator Chris Van Hollen criticized the deal, arguing it puts American service members at risk for private profit. Venezuelan economist Francisco Rodríguez, a senior fellow at the Center for Economic and Policy Research, said the 100-year term exceeds any historical concession in Venezuela and that the contract appears to bypass constitutional requirements for National Assembly approval. He noted that the deal would give Venezuela only 20 % of the joint-venture output at cost to the United States and questioned the source of the promised $100 billion in investment.
The agreement follows reports that U.S. Secretary of State Marco Rubio has assumed extensive control over Venezuela's finances and natural resources. Critics have described the arrangement as unprecedented and potentially unfavorable to Venezuela, citing concerns about transparency, legal compliance, and the involvement of a businessman under investigation for alleged money-laundering and contract irregularities.