01.09.2026 17:32
The US and Venezuela signed a 100-year concession agreement for over 65 billion barrels of oil reserves. The agreement will grant the US management authority, economic shares, and the right to purchase oil at low cost. It was stated that the agreement was signed with the aim of 'securing US energy dominance.'
The US and Venezuela signed an agreement that will give Washington control over the majority of more than 65 billion barrels of proven oil reserves.
"TO SECURE AMERICA'S ENERGY DOMINANCE"
The White House issued a statement regarding the oil agreement signed between Washington and Caracas concerning the control of more than 65 billion barrels of oil reserves in Venezuela.
The statement noted that the agreement was signed with the aim of "securing America's energy dominance and supporting Venezuela's economic recovery."
It was stated that the agreement provides the US with strong management authority and an economic stake in the new Venezuelan company, expected to become the world's second-largest privately owned oil company by reserve size, as well as the right to purchase oil at low cost.
WILL BE UNDER US CONTROL FOR 100 YEARS
In the statement, it was reported that the agreement was signed by US Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, and that Washington obtained a 100-year concession for 17 oil fields with more than 65 billion barrels of proven reserves.
The statement emphasized that millions of barrels of crude oil in Venezuela would be processed at US refineries, and that American drilling equipment and infrastructure would be used in production.
It was pointed out that this would support billions of dollars in investment and thousands of jobs in the US, and the agreement was described as "a significant part of the Trump administration's plan for stability, reconstruction, and democratic transition" in Venezuela.
US HAD TAKEN MADURO FROM HIS HOME IN AN OPERATION
Nicolás Maduro, the President of Venezuela, was taken from his home in a military operation carried out in Caracas on January 3, 2026, on the orders of US President Donald Trump, and brought to New York along with his wife Cilia Flores.
The trial of Maduro and his wife will begin on June 1, 2027.