United States President Donald Trump said that the country has now become the world's largest oil producer, excluding Venezuela's vast oil reserves, which the US recently added to its reserves.
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Speaking at a rally in Dallas, Texas, Trump welcomed an energy deal involving Venezuela's estimated proven oil reserves of about 65 billion barrels. He called the deal potentially the largest in the country's history.
“We are now the largest in the world, and that doesn't include Venezuela, which we just added to our small reserves,” Trump said.
The White House announced details of the energy deal. Under the agreement, North American Blue Energy Partners (NABEP) will provide a 35 percent equity stake in its parent company to the Pentagon's Office of Strategic Capital, at no cost to US taxpayers.
The US State Department will also have the right to purchase 20 percent of the production at its cost.
The White House said NABEP had secured a 100-year concession covering 17 oil fields. However, Venezuelan Acting President Delcy Rodriguez previously described the deal as a 25-year agreement.
According to the White House, the deal is expected to generate $200 billion (Rp3,517 trillion) in royalties and taxes over the first 25 years. The funds will be allocated to Venezuela's reconstruction and social sector development.
