Washington and Caracas Agree on Oil Field Shares

The United States and Venezuela have reached an agreement allowing Washington to take control of oil projects involving 17 Venezuelan oil fields that lack infrastructure. The contracts for the new company will last for 100 years. The deal grants Washington a significant stake, estimated at about a quarter of Venezuela's unexploited oil reserves, with the goal of replenishing the U.S. strategic reserve, under the supervision of the Pentagon overseeing licensing and financing facilities. This move is considered a strategic step by the U.S. government to strengthen control over Venezuelan oil resources.

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