🇺🇸🇻🇪Trump’s newest oil field is called Venezuela

Trump has announced a "historic" oil agreement with Venezuela, giving the US majority control over more than 65 billion barrels of proven reserves at no cost to American taxpayers.

The 25-year deal aims to "revive" Venezuela's battered oil industry, with initial production targets of 1.5 million barrels per day.

"Venezuela is thus ushering in a new era of recovery, growth, production, security, and prosperity for our people," Delcy Rodríguez, Venezuela's interim president said.

The US government itself has become a direct investor. Since no oil firm was willing to invest in Venezuela, Trump used the Department of Defense and a controversial figure as intermediaries.

The US will acquire a passive 35% stake in North American Blue Energy Partners, controlled by Alejandro Betancur, one of the so-called "bolichicos", a group of young Venezuelans who grew wealthy under Chávez and have been linked to money laundering investigations in Spain.

Under the deal, the US has the right to purchase 20% of the oil produced at cost. This means the Venezuelan government will not collect its standard 34% corporate income tax on those barrels.

Consequently, the promised $209 billion in revenue will never materialise, because a fifth of the oil is simply used to cover US costs. While some jobs and infrastructure may appear in oil-producing regions, apart from that, the Venezuelan people will see little to nothing from this deal.

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