#venezuelaussign25yearoildeal Venezuelan officials project the deal could draw more than $100 billion in private investment into the country’s oil industry and generate over $209 billion in tax revenue for the state. The arrangement involves a new private joint venture in which the United States is described as holding effective majority control (reported as approximately 55% of output through ownership stake and rights to purchase oil at cost). Production is intended to revive Venezuela’s underperforming sector, which currently stands near 1.25 million barrels per day despite holding the world’s largest proven reserves.
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