A private oil company has struck a deal with the Trump administration to develop 17 areas in Venezuela, an effort that experts say will take years and billions of dollars.
The U.S. energy giant, which stayed in the country after other Western companies left, will invest $7 billion in the country to more than double its production there.
The Trump administration’s deal with a private oil company to increase oil production in the South American country could take many years to come to fruition.
The president said an agreement between the countries covered more than 65 billion barrels of reserves. A U.S. official said it would involve a partnership with a private company.
An oil refinery in Punto Fijo, Venezuela, in 2021. Venezuela’s president, Delcy Rodríguez, said a U.S. oil deal would have a “significant impact on our nation’s revival.”
A Chevron-chartered oil tanker was anchored near Maracaibo, Venezuela, in February. Chevron is the only U.S. oil company with a major footprint in the country.
The U.S. oil giant is negotiating a deal to pump oil in Venezuela, ending a standoff with its socialist rulers and marking a victory for President Trump.
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