The president of the United States, Donald Trump, stated this Wednesday that the oil agreement with Venezuela It will guarantee its country 500 years of oil reserves by incorporating 65,000 million barrels.
«It is the largest oil agreement, and it is probably the largest agreement in the history of our country. 65,000 million barrels are ours and, do you know what they say lasts a lifetime? 500 years,” Trump said during his speech at the Republican convention held in the state of Texas.
The president compared the characteristics of Venezuelan crude oil with the difficulties that, he said, large oil companies face in locating new deposits in other parts of the world. “You know, like Exxon and Chevron, they search all over the world, they hire geniuses, they pay them millions of dollars, they spend millions and millions on equipment, they go around the world looking, and they don’t find it,” he said.
«In Venezuela, what you do is the following: you look at the ground… and you see a ground soaked in oil. And you say, “Let’s build our platform right there.” “There really is nothing like it,” he added.
According to the White House, the oil agreement reached between Washington and Caracas involves 17 Venezuelan oil fields with proven reserves of about 65 billion barrels and 100-year concessions for the private company North American Blue Energy Partners (NABEP).
The company, identified by the United States as one of the main private producers that will operate in Venezuela, plans to invest up to 100 billion dollars in oil infrastructure.
Likewise, the pact assigns a 35% shareholding to the Office of Strategic Capital of the US Department of Defense in the parent company of NABEP. According to White House projections, this fee will generate hundreds of billions of dollars in dividends for Washington without representing costs for its taxpayers.
On the commercial level, the State Department obtained the right to acquire at cost price 20% of the production of the firm’s current and future fields. Additionally, a first purchase option clause was established for the remaining 80% in energy emergency scenarios.
To safeguard operational control, Washington will exercise veto power over NABEP board appointmentswhich must be made up mostly of US citizens. The legal framework of the agreement will be subject exclusively to the laws and courts of the United States.
Logistics planning orders that the new flow of Venezuelan crude oil be processed in North American refineries using platforms and engineering from that country, seeking to support employment and domestic investment in the United States.
