Venezuelan officials are preparing to sign formal agreements next week granting new oil exploration and production rights to US companies, according to Reuters.
US President Donald Trump announced on Friday that Washington had secured majority control of more than 65 billion barrels of proven Venezuelan oil reserves through a new joint venture with 100-year concessions.
Venezuela confirmed the deal covers 17 strategic oil fields, with more than 100 billion dollars in investment and an estimated 209 billion dollars in tax revenue for the Venezuelan state.
Andreina Fermin reports from Caracas.
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Andreina Fermin in Caracas says years of underinvestment have left Venezuela's oil output at a fraction of its potential, and rebuilding the industry will require enormous spending.
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