Speaking at a rally in Dallas, U.S. President Donald Trump said the United States is the world's largest oil producer when Venezuela's proven oil reserves are excluded.
Trump praises the agreement
Speaking in the Texas city on Wednesday night, Trump commented on the energy agreement covering Venezuela's approximately 65 billion barrels of proven oil reserves. He described the agreement as potentially “the biggest deal in the history of our country.”
“Now we are the biggest in the world, and that does not include Venezuela, which we just added to our small reserve stockpile,” Trump said.
Shares held by companies and institutions
According to details announced by the White House, North American Blue Energy Partners will transfer a 35% stake in its parent company to the Strategic Capital Office within the U.S. Department of Defense. The statement said the transfer would not create a cost for American taxpayers.
The U.S. State Department will have the right to purchase 20% of the production at cost.
Different statements on the concession period
The White House announced that North American Blue Energy Partners had obtained 100-year concessions for 17 oil fields. Venezuela's interim President Delcy Rodriguez had previously described the agreement as a 25-year arrangement.
The White House said the agreement is expected to generate $200 billion in royalty and tax revenue during its first 25 years. The revenue is expected to be used for Venezuela's reconstruction and social development.