Venezuela's government confirmed an oil agreement with the United States covering 65 billion barrels of crude tied to 17 strategic fields, according to multiple outlets across the region. Interim President Delcy Rodríguez said the deal will draw about $100 billion in private investment and yield more than $209 billion in state revenue.
By LCN Wire
What did Venezuela's government confirm?
Rodríguez detailed the arrangement on the night of Friday, August 28, framing it as a "historic milestone" in bilateral relations between Venezuela and the United States, Comunicación Continua and TalCual reported. Both outlets state the accord contemplates 17 strategic fields with a potential of 65 billion barrels, an investment of $100 billion matching a figure cited by Secretary of State Marco Rubio, and more than $209 billion in tributes for the state. Rodríguez said those funds would go toward recovering and rebuilding strategic petroleum infrastructure.
TalCual reported Rodríguez thanked President Donald Trump, Rubio and the US government in a written statement. Her message followed Trump's announcement on social media that his country had signed with Venezuela "the largest oil deal in world history," which he described as an alliance with the private sector.
How big is the deal in context?
DW Español reported that the 65 billion barrel figure equals close to a fifth of Venezuela's proven oil reserves, the largest on the planet, and that Rubio said the deal closed directly with Interim President Delcy Rodríguez, financed with private capital. DW Español added that the announcement came after reports that US companies such as Chevron plan to increase their presence in Venezuela.
N+ Univision reported Trump said the United States reached the accord with Venezuela's interim government for more than 65,000 million barrels of proven oil reserves. La Tercera and the Alton Telegraph carried the story under headlines describing the 65 billion barrels and US control as central to the "oil accord."
Rodríguez, Trump and Rubio each staked out the deal's scale in their own words. The barrels, the billions and the fields now sit on the record as the three governments' figures, awaiting the drilling that would test them.
Frequently Asked Questions
Who announced the agreement?
Interim President Delcy Rodríguez confirmed the deal in a written statement on Friday, August 28, according to TalCual and Comunicación Continua. Trump separately announced it on social media, and Rubio said it closed directly with Rodríguez, DW Español reported.
How much investment and revenue are involved?
TalCual and Comunicación Continua reported an expected investment of $100 billion and more than $209 billion in tributes for the Venezuelan state, funds Rodríguez said would rebuild petroleum infrastructure.
How does 65 billion barrels compare to Venezuela's reserves?
DW Español reported the figure is close to a fifth of Venezuela's proven reserves, described as the largest in the world.