The White House has released more details of a major oil agreement between the United States and Venezuela, after President Donald Trump described it as a historic deal.
Under the agreement, North American Blue Energy Partners (NABEP) has been granted 100-year concessions to operate 17 Venezuelan oil fields containing about 65 billion barrels of proven reserves.
The US government will receive a 35% stake in NABEP's parent company, while the US State Department will have the right to purchase 20% of the oil produced at production cost. Washington will also have first refusal on the remaining production in certain circumstances.
NABEP says it plans to invest up to $100 billion in Venezuela's oil infrastructure to increase production. The White House says the agreement could help revive Venezuela's struggling oil industry while providing the US with a long-term supply of crude oil.
However, the deal has attracted criticism and questions over its legal and political implications, while experts warn that rebuilding Venezuela's oil industry will take years and that the agreement may not immediately reduce fuel prices in the United States.