Speaking at the Republican National Convention, US President Trump said
Venezuela’s oil — put at about 65 billion barrels — is “ours” and could supply
the US for 500 years. The US and Venezuela announced a deal to introduce
investment and boost Venezuelan output through joint development of 17 strategic
fields with proven potential of ~65 bln bbl. Venezuelan representative Delcy
Rodriguez said the alliance will allow private operators to participate; planned
investment exceeds $100bn and is expected to generate more than $200bn in tax
revenue for Venezuela.