US-Venezuela Oil Deal Details

The United States and Venezuela have reached a hundred-year oil agreement, which includes Washington's control over approximately a quarter of Venezuela’s untapped oil reserves. This will be achieved through projects involving 17 oil fields, some of which lack the necessary infrastructure for production and export. The deal involves the creation of a joint oil company, with the United States as the largest shareholder, and includes the division of shares and guarantees to purchase oil at cost to replenish the American strategic reserve. The U.S. Department of Defense, through the "Strategic Capital Office," will oversee the licensing of the fields and their funding contributions. This move reflects a strategic American effort to gain control over significant oil resources in Venezuela.

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