The US Administration and an unidentified private operator in Venezuela formed a new company that received rights to untapped oil fields for 100 years. The agreement was announced as the "biggest agreement" in history between the two countries.
Venezuela has the largest proven oil reserves in the world, but the country's production has dropped dramatically in recent years due to international sanctions, mismanagement, and insufficient investment. This agreement comes at a time when the US is seeking to diversify its energy sources.
The specific terms of the agreement have not yet been fully disclosed, but the measure represents a significant shift in the relationship between the two countries in the energy sector. The private operator involved in the partnership has not been revealed.
The Trump administration argues that this agreement could bring significant economic benefits to both countries and strengthen US energy security. Venezuela has not yet officially commented on the details of the agreement.
