US President Donald Trump said late Wednesday that the United States has become the world’s largest oil producer, excluding Venezuela’s vast reserves, which the US recently added to its stockpile, Anadolu reported.
Speaking at a rally in Dallas, Texas, Trump hailed an energy agreement involving Venezuela’s estimated 65 billion barrels of proven oil reserves, calling it potentially “the biggest deal in the history of our country.”
“Now we’re the biggest in the world, and that’s without Venezuela, which we’ve just added to our little stockpile,” he said.
The White House announced the details of the energy deal, under which North American Blue Energy Partners (NABEP) would grant the Pentagon’s Office of Strategic Capital a 35% equity stake in its corporate parent at no cost to US taxpayers.
The US State Department would also have the right to purchase 20% of production at cost.
The White House said NABEP had secured 100-year concessions covering 17 oil fields, while Venezuelan interim President Delcy Rodriguez had previously described the agreement as a 25-year deal.
The pact is expected to generate $200 billion in royalties and taxes over its first 25 years, according to the White House, with funds earmarked for Venezuela’s reconstruction and social development.
