US-Venezuela Oil Deal Spans a Century

The United States and Venezuela have reached an agreement allowing Washington to control oil projects involving approximately a quarter of Venezuela's untapped reserves, in a deal spanning one hundred years. The agreement stipulates that the U.S. becomes the largest owner in a new joint oil company holding rights to utilize 17 underdeveloped Venezuelan oil fields lacking infrastructure, with the aim of replenishing the American strategic reserve. The U.S. government’s share will be divided between equity ownership and guarantees to purchase oil at cost price, with the Pentagon overseeing licensing and funding through the "Strategic Capital Office."

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