US President Donald Trump said the oil agreement reached with Venezuela could become one of the biggest deals in American history. Speaking at the Republican convention, he said the resources to be produced under the arrangement would, in his view, be enough to last for 500 years.
Trump said the figure involved is 65 billion barrels of oil. “65 billion barrels are ours. Do you know what that means? 500 years for life,” the publication quoted him as saying.
Earlier, Washington and Caracas announced what they described as a historic agreement aimed at bringing in investment and increasing oil production in Venezuela. According to the report, the arrangement is expected to boost activity in the country’s oil sector.
Delcy Rodríguez, the authorized representative of the President of Venezuela, said the alliance, with private operators involved, would make it possible to significantly expand oil output.
The deal provides for the development of 17 strategic fields. Their proven potential is estimated at 65 billion barrels of oil. Total investment is expected to exceed $100 billion, while tax revenues for Venezuela’s budget are projected at more than $200 billion.
