00:16The White House has revealed details of what it calls the biggest oil deal in world history.
00:23Under the agreement, Venezuela has granted North American Blue Energy Partners, or NABP, 100-year concessions for 17 oil fields.
00:35And the numbers are enormous.
00:38These 17 oil fields reportedly hold around 65 billion barrels of proven oil reserves.
00:46With this deal is not just about access to Venezuelan oil.
00:51It also gives the United States a major financial and strategic role in the company.
00:57Under the agreement, the U.S. government will receive a 35 percent stake in NABP's parent company.
01:05The White House says this stake comes at zero cost to taxpayers.
01:10Washington will also have the right to buy 20 percent of all current and future oil production at production costs.
01:19And there is more.
01:21The U.S. will have the first right to buy the remaining 80 percent of production.
01:26In simple terms, the United States gets priority access to Venezuelan oil.
01:32The U.S. government will also have veto power over board appointments, and a majority of NABP's board must be
01:41U.S. citizens.
01:42Then comes the investment.
01:44NABP plans to invest up to $100 billion in Venezuelan oil infrastructure.
01:52The goal is to rapidly increase oil production.
01:56Venezuela is also expected to receive major financial benefits.
02:00The country could receive around $200 billion in royalties and tax payments over the first 25 years.
02:10So, what does this deal actually mean?
02:13Venezuela gets massive investment and the potential for much higher oil production.
02:19The United States gets an equity stake, priority purchasing rights, and significant influence over the company.
02:26And remember, these concessions will last for 100 years.
02:31That means this is not just a short-term oil agreement.
02:36It could shape who controls, invests in, and benefits from Venezuela's massive oil reserves for generations.
02:45The White House has now given the deal a historic label.
02:49It calls it the biggest oil deal in world history.
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