According to the newspaper, the deal gives Washington control over oil projects that include about a quarter of Venezuela’s untapped oil reserves, and includes 17 Venezuelan oil fields that lack the necessary infrastructure to produce and transport oil.
The historic deal stipulates that the United States will become the largest owner in a new joint oil company, which will own contracts extending for 100 years, in a number of Venezuelan oil fields.
The US government’s share in the new company will be divided between ownership of shares and guarantees to purchase the oil produced at cost, with the aim of refilling the US strategic reserve.
According to two sources familiar with the talks, the Pentagon, through the “Strategic Capital Office,” will supervise oil field licenses and help finance them in Venezuela.
