AI Summary

Washington’s takeover of more than a fifth of Venezuela’s oil reserves was signed by U.S. Energy Secretary Chris Wright on 2 September. The deal covers 65 billion barrels of proven crude oil across 17 fields, nearly 1.5 times the size of the U.S.’s current territorial reserves. The concession lasts 100 years, far longer than the typical 20‑to‑30‑year oil contracts. North American Blue Energy Partners, the private entity behind the deal, has become the world’s second‑largest private oil company by reserves after ExxonMobil, with the U.S. Department of War holding a 35 % equity stake.

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