Author: Collin Eaton

The company, led by one of President Trump’s closest allies in the U.S. oil industry, said it would explore one of Venezuela’s undeveloped oil fields.

The deal capped months of secretive negotiations to give the U.S. rights to the some of the world’s largest proven oil reserves.

The U.S. oil major is close to an agreement to add two heavy-oil fields to its portfolio in Venezuela. Halliburton is also in talks.

President Trump said the agreement would substantially lower gas prices for all Americans.

Pacific Coast’s grab at some of the first assets made available under the interim government has spurred complaints from a local business dynasty.