Donald Trump praised a deal covering Venezuela's oil reserves and said the United States is the world's largest oil producer when those reserves are excluded.
Trump called the deal one of the largest in the country's history
In remarks at a rally in Dallas, Texas, on Wednesday night, the US president referred to an energy deal linked to Venezuela's approximately 65 billion barrels of proven oil reserves. Trump said the deal could potentially be “the largest deal in our country's history.”
“We are now the largest in the world, and that does not include Venezuela, which we just added to our small reserve stockpile,” Trump said.
Equity and production rights for US institutions
Under the terms announced by the White House, North American Blue Energy Partners will transfer a 35% stake in its parent company to the Office of Strategic Capital within the US Department of Defense, at no cost to American taxpayers.
The US Department of State will have the right to purchase 20% of the production at cost.
Two different statements on the concession period
The White House announced that North American Blue Energy Partners had received 100-year concessions for 17 oil fields. Venezuela's interim President Delcy Rodriguez had previously said that the deal was for 25 years.
The White House also said the deal is expected to generate $200 billion in royalty and tax revenue during its first 25 years. The revenue is expected to be used for Venezuela's reconstruction and social development.