WASHINGTON, Aug. 29 -- Nine months after Nicolas Maduro was taken into American custody and flown to a federal detention facility in Florida on narcoterrorism charges, the Venezuelan government he once led has signed over 65 billion barrels of oil to the United States for the next century.

President Donald Trump announced the agreement Thursday in remarks at the White House, describing it as one of the most consequential resource deals in American history. Under its terms, the United States will receive 55 percent of output from 17 Venezuelan oil fields, the right to purchase Venezuela's remaining share at cost, and development rights extending 100 years. An unnamed American private company will hold the operational development contract....