President Donald Trump: Amid the ongoing worldwide oil crisis, US President Donald Trump on Friday announced a major oil deal with Venezuela. According to reports, according to Trump, after the implementation of this deal, America will be able to get access to Venezuela's vast crude oil reserves on cost basis. The US President has described this agreement as the largest oil agreement in world history.
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Trump told through social media that this agreement was discussed between US Secretary of State Marco Rubio, Defense Minister Pete Hegseth and Venezuelan Acting President Delsey Rodriguez. However, it is not considered easy to implement this agreement on the ground and there are many practical challenges before it.
Oil field development plan
According to the Venezuelan government, 17 oil fields of the country will be developed under the proposed agreement. It is claimed that there are about 65 billion barrels of proven oil reserves in these areas. The government hopes that through this project, about 100 billion dollars of investment can come in Venezuela's oil industry. Due to this, Caracas is expected to get tax revenue of more than 209 billion dollars in the coming time.
Venezuela's acting President Delsey Rodriguez has also called this agreement an important step towards strengthening the country's economy.
According to a US official associated with the agreement, the new company will be formed in collaboration with a private operator in Venezuela. Rodriguez government has said that this company will be given rights for the development of related oil fields for 100 years. In the proposed arrangement, it has been informed that America will get about 55 percent share of effective production. It also includes the facility to buy oil at cost price along with the rights associated with the ownership of the company.
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American oil companies are also exercising caution due to political instability in Venezuela and past business experiences. Getting big investors ready to work in Venezuela again will be an important challenge for the Trump administration.