US President Donald Trump announced a deal securing majority control of over 65 billion barrels of Venezuelan oil reserves through a new private joint venture.
The agreement involves the development of 17 key oil fields and is expected to attract over $100 billion in investment while generating $209 billion in tax revenue for Venezuela.
The US government will hold a 55% stake in the venture, with oil production intended to replenish the US Strategic Petroleum Reserve and support American military energy needs.