The US has gained long-term access to Venezuela's oil fields.
Modern.az reports that, according to the Financial Times, 100-year concessions have been granted to the US company North American Blue Energy Partners for 17 oil fields with confirmed reserves of approximately 65 billion barrels.
The US government, in turn, has acquired a share and special rights in the project.
The White House has called the deal “the largest oil agreement in world history.” According to the US administration's statement, the agreement provides Washington with control over a resource base larger than the current confirmed oil reserves in US territory. In addition, Washington has secured guaranteed rights to purchase a portion of the extracted oil under preferential terms.
According to Reuters, the US government has also secured a 35 percent stake in NABEP through a special structure. This mechanism is intended to prevent the US share from decreasing when new capital is attracted to the company.
Thus, the agreement gives US companies and the government a significant role in the long-term development of Venezuela's large oil reserves.
