Washington DC - As part of a new Trump administration agreement, a US oil company will take over several oilfields that were previously controlled by five Chinese companies and a Russian firm.

North American Blue Energy Partners (NABEP) will soon take over the oilfields, US officials told Reuters on Monday. The move will be part of a massive new oil production agreement with Venezuela that the State Department went on to announce only hours later.

It is expected that NABEP will control at least 17 Venezuelan projects, which will see huge quantities of oil exported to the US. Five of these contracts were previously operated by Chinese companies, while one was operated by a Russian company.

"In the biggest oil deal in world history, President Donald J. Trump has secured US majority control of more than 65 billion barrels of proven oil reserves in Venezuela," read a fact sheet put out by the White House on Monday.

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"This deal secures our energy dominance for the next century – all at zero cost to the United States," the fact sheet said, revealing that NABEP will invest up to $100 billion in new oil infrastructure in Venezuela.

"The majority of the incremental oilfields to be operated by NABEP were previously controlled or operated by Russian and Chinese firms, or by corrupt cronies of Maduro and Chavez," it continued.

"These malign foreign actors looted Venezuela's resources for the benefit of American adversaries like Cuba, Russia, and China, and failed to invest in Venezuela's infrastructure or development."

Responding to a question about the new oil deal, Chinese Foreign Ministry Spokesperson Guo Jiakun reiterated that "trade cooperation between countries should follow the principle of equality, mutual benefit and win-win cooperation."

"Also, I would like to stress that China-Venezuela cooperation is protected by international law and laws of both countries. China’s lawful rights and interests in Venezuela must be protected," Guo said.