4 days ago
Trump Oil Deal Could Bring Venezuela $209 Billion In Taxes
Venezuela and the United States announced an agreement involving Venezuelan oil fields.
Venezuela plans to let private companies, including US companies, operate 17 important fields.
The fields are said to contain up to 65 billion barrels of proven oil reserves.
Delcy Rodriguez said the project could bring Venezuela more than $209 billion in tax revenue.
She also said it could attract more than $100 billion to repair and modernize the oil industry.
US officials described the agreement as beneficial to both countries.
Marco Rubio said more Venezuelan oil could help reduce gasoline prices in the United States.
Venezuela currently produces about 1.25 million barrels of crude oil each day, below its potential.
Delcy Rodriguez said the agreement could generate more than $209 billion in taxes for Venezuela.
The plan would open 17 strategic oil fields to private operators, especially US companies.
Rodriguez said the fields have proven potential of 65 billion barrels and could attract more than $100 billion in investment.
Donald Trump said the United States would gain majority control over more than 65 billion barrels through private partnerships.
Marco Rubio said the deal could bring nearly $100 billion in private investment and potentially lower US gasoline prices.
- Who
- Venezuelan Acting President Delcy Rodriguez, US President Donald Trump, US Secretary of State Marco Rubio, Venezuela, and private oil operators.
- What
- An oil agreement would allow private companies to participate in developing 17 Venezuelan oil fields and would give the United States majority control through partnerships, according to Trump.
- Where
- Venezuela, with expected effects on US fuel prices and broader international energy markets.
- When
- The agreement was announced on Friday, Aug. 28.
- Why
- The stated goals are to revive Venezuela's underperforming oil industry, attract investment, rebuild infrastructure, increase production, and improve energy security.
Key facts
- Potential Venezuelan tax revenue
- More than $209 billion, according to Delcy Rodriguez.
- Oil fields covered
- 17 strategic fields.
- Proven oil potential
- 65 billion barrels.
- Investment estimate from Venezuela
- More than $100 billion.
- Investment estimate from the United States
- Nearly $100 billion in private investment, according to Marco Rubio.
- Current Venezuelan production
- Around 1.25 million barrels of crude oil per day.
- Private operators
- The plan particularly targets participation by US companies.
Quotes
Delcy Rodriguez
Venezuelan acting president
“This initiative is the result of the strengthening of relations between Venezuela and the United States, and it will facilitate a significant flow of investment aimed at the recovery and reconstruction of strategic infrastructure for the development of our hydrocarbons industry.”
wionews.com
“The agreement will allow for a significant increase in oil production with the participation of private operators.”
wionews.com
Sources
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