Washington / Caracas

The United States and Venezuela have announced an agreement aimed at developing 17 Venezuelan oil fields with stated potential of 65 billion barrels, though important details of its structure and execution remain unresolved publicly.

President Donald Trump said the agreement had been negotiated by senior US officials and Venezuela’s acting president, Delcy Rodríguez. Rodríguez’s government said it could attract $100 billion in investment and generate more than $209 billion in taxes for Caracas.

An unnamed US official told the Associated Press that the arrangement would create a new private company with 100-year rights to develop the fields, and that the United States would receive 55% of its effective output through ownership and purchase rights. The identity of the operator and the complete contract terms have not been publicly disclosed.

Any rapid effect on US petrol prices is unlikely. Energy experts cited by AP said rebuilding and expanding Venezuelan infrastructure would require years and billions of dollars, while political uncertainty remains a constraint on investment.