US Energy Secretary denies Washington's aim to steal Venezuelan oil, confirms revenue sharing - Sarmad

U.S. Energy Secretary Chris Wright affirmed that Venezuela’s resources and oil belong to the Venezuelan people, denying that Washington seeks to “steal Venezuelan oil.” This statement came in response to criticism of an agreement that would allow the United States to exploit 20 percent of the country’s reserves.

Agence France-Presse quoted Wright as telling journalists after a visit to Caracas that private companies provide the necessary capital for oil production, but all profits and taxes go entirely to the Venezuelan government and people.

He added, “All we are doing is taking an untapped underground resource that generates no revenue for the Venezuelan people, and providing the funds and technology needed to develop it, benefiting Venezuela and the entire world,” noting that the arrangement involves “revenue sharing.”

Wright signed several contracts with multinational companies to invest in hydrocarbons and rehabilitate Venezuela’s power grid.

Earlier on Wednesday, Wright announced that agreements to be signed by American and foreign oil companies in Caracas would more than double crude oil production in the coming years.

On August 28, U.S. President Donald Trump announced an agreement with Venezuela under which the United States would gain access to more than 65 billion barrels of the country’s reserves.