Fort Myers Naples, FL, August 29, 2026 —

President Donald Trump has announced a reported agreement that could grant the United States access to significant oil reserves located in Venezuela. The details of this accord suggest a new private company has been awarded rights to operate 17 oil fields for a duration of 100 years. Under the terms of the deal, the U.S. is slated to secure 55% of the effective output from these reserves.

During the announcement, President Trump stated that the agreement is expected to contribute to lowering gas prices. However, the specifics surrounding the arrangement remain largely undisclosed. Crucial information, such as the identity of the private company that has been granted these extensive operational rights, has not been made public. Additionally, the financial scope and cost of necessary infrastructure investment required to access and extract these reserves have not been provided.

The reported deal has also drawn criticism. Some Venezuelans and various experts have expressed concerns or disapproval regarding the agreement. The full implications and validity of the accord are subject to ongoing scrutiny due to the lack of transparency regarding key operational and financial elements.



Story summarized from the original created by AP on apnews.com, see more information here.

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