Trump announces US-backed venture for Venezuelan oil concessions

President Trump announced an agreement under which he said a venture backed by the U.S. government and a private operator would control production tied to a large portion of Venezuela’s proven oil reserves.

An unnamed U.S. official told The Hill that Venezuelan interim President Delcy Rodríguez granted the venture 100-year concessions covering about 63 billion barrels, with the U.S. government receiving more than half of the new company’s value through equity and guaranteed oil purchases.