Photo courtesy of Anadolu
US President Donald Trump touted the United States’ position as a leading global oil producer as he promoted a new energy agreement involving Venezuela’s vast petroleum reserves.
Speaking at a rally in Dallas, Texas, late Wednesday, Trump said the United States had achieved its energy position even without counting Venezuela, whose oil resources he suggested would further expand Washington’s energy interests.
Trump described the agreement involving Venezuela’s estimated 65 billion barrels of proven reserves as potentially “the biggest deal in the history of our country.”
Under details released by the White House, North American Blue Energy Partners, or NABEP, would give the Pentagon’s Office of Strategic Capital a 35% equity interest in its parent company without requiring taxpayer funding.
The arrangement would also provide the US State Department an option to acquire 20% of oil production at cost, according to the White House.
Washington said NABEP had obtained concessions covering 17 Venezuelan oil fields for a period of 100 years. That account differed from an earlier description by Venezuelan interim President Delcy Rodriguez, who said the agreement would run for 25 years.
The White House projected that the arrangement could produce about $200 billion in royalties and taxes during its first quarter-century. It said the proceeds would support reconstruction and social development efforts in Venezuela.
The differing descriptions of the agreement’s duration were not immediately reconciled. Further details on its implementation, production targets and timeline were also not provided in the statements.