Venezuelan billionaire Alejandro Betancourt signed a 50-year agreement with the US government to develop oil fields with reserves of 63.7 billion barrels. According to the terms of the deal, Washington will receive 35% of North America's blue-chip energy companies and the right to purchase 20% of the oil produced at $30 per barrel. Karka will receive between 16% and 40% of the production in the form of royalties. As noted by Bloomberg, the implementation of the project remains in question due to Venezuela's destroyed infrastructure and lack of funding.

Venezuelan billionaire Alejandro Betancourt signed a 50-year agreement with the US government to develop oil fields with reserves of 63.7 billion barrels. According to the terms of the deal, Washington will receive 35% of North America's blue-chip energy companies and the right to purchase 20% of the oil produced at $30 per barrel. Karka will receive between 16% and 40% of the production in the form of royalties. As noted by Bloomberg, the implementation of the project remains in question due to Venezuela's destroyed infrastructure and lack of funding.