The White House and Venezuela’s interim government signed a historic oil accord spanning 25 to 100 years to drive long-term infrastructure investment. U.S. Energy Secretary Chris Wright stated that Venezuelan crude production could double due to new deals with U.S. and foreign energy firms. Additionally, the U.S. is negotiating direct ownership in fields with 90 billion barrels of reserves and has secured a 35% stake in NABEP with a right of first refusal for 80% of its production.
Energy Secretary Chris Wright projects a doubling of Venezuelan oil production driven by new deals and direct US government stakes in major fields.
Read the full storyThe formal agreement aims to secure long-term U.S. access to Venezuelan reserves and modernize local production capacity.
A 25-to-100-year oil accord aims to secure long-term energy supplies and replenish the depleted US Strategic Petroleum Reserve.