United States grants Pentagon stake in Venezuelan oil venture

The Trump administration has agreed a deal giving the U.S. government a share in a Venezuelan oil company. The Pentagon will receive 35% of a private firm called North American Blue Energy Partners. The company is run by Venezuelan businessman Alejandro Betancourt. It holds the right to operate 17 oil fields in Venezuela for 100 years. Those fields contain around 65 billion barrels of oil. The U.S. can also buy 20% of the company's future oil output at production cost. Trump said the deal costs taxpayers nothing, because the government will acquire its shares at almost no upfront price. Large American oil companies left Venezuela years ago after the government there took control of their assets. The Pentagon has not previously held a direct stake in commercial oil operations.