White House details US stake and oil rights in Venezuela agreement
The Trump administration said the Pentagon will take a 35% stake in a company holding a 100-year concession to Venezuelan fields estimated to contain 65 billion barrels of oil.
The administration said the Pentagon's Office of Strategic Capital will take a 35% equity stake in North American Blue Energy Partners, which received a 100-year concession covering Venezuelan oil fields.
The agreement gives the United States the right to buy 20% of production at cost, with the State Department receiving first refusal on the remainder, according to the administration.