US and Venezuela Sign 25-Year Oil Partnership Granting America 55% Output Share
The United States and Venezuela have entered into a 25-year energy partnership aimed at reviving Venezuela's struggling oil industry. The deal grants rights over unexplored oil reserves for a period of 100 years. Under the agreement's terms, the US will receive 55 percent of the new venture's total production. The partnership is expected to bring substantial foreign investment into Venezuela while also generating tax revenues for the country.
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