Agreement Reached: US to Gain Majority Control of Venezuela’s Oil
Deal covers development of 17 fields with over 65 billion barrels and gives U.S. partners a 55% operational stake; more than $100 billion in private investment is expected.
U.S. President Donald Trump and Venezuela's interim president Delcy Rodríguez announced an agreement that gives the United States majority control over more than 65 billion barrels of proven Venezuelan oil reserves.
Key elements of the deal
According to Venezuelan authorities, the package covers development of 17 strategic oil fields with combined proven reserves exceeding 65 billion barrels. Private investment is expected to top $100 billion, while Caracas projects more than $209 billion in tax revenues. The U.S. side will receive a 55 percent operational stake through a new partnership with private companies.
Trump described the arrangement as "the largest oil deal in world history," and Rodríguez said the pact would have a major effect on Venezuela's economic recovery.
The announcement follows a sequence of events nearly eight months earlier when U.S. forces captured Nicolás Maduro in Caracas on January 3 and transferred him to the United States; Rodríguez was sworn in as interim president two days later.
Rodríguez said the incoming investment would be used to repair and build key oil infrastructure. "Our goal is to strengthen our position as an energy superpower by putting our vast reserves at the service of national development, creating jobs, increasing the incomes of our workers and the welfare of our people," she said.
Venezuela holds the world's largest proven oil reserves, but actual production has been well below potential for years because of worn-out infrastructure, chronic underinvestment and long-standing sanctions.
Photo: EPA-EFE/Henry Chirinos
