US secures majority stake in 65 billion barrel Venezuelan oil venture
The United States has agreed to a 100-year joint venture controlling 65 billion barrels of Venezuelan oil, a move designed to inject over $100 billion in private investment and ease domestic fuel costs following the capture of Nicolás Maduro.
President Donald Trump announced an agreement granting the United States control over more than 65 billion barrels of Venezuela’s proven oil reserves. The deal establishes a joint venture with a 100-year concession to develop 17 strategic oil fields.
A US official indicated the American government will retain 55 percent control of the venture, partnering with an experienced private operator in Venezuela. President Trump stated that Secretary of State Marco Rubio and Defence Secretary Pete Hegseth reached the agreement through a private business partnership at no cost to the American taxpayer.
Venezuelan interim President Delcy Rodriguez stated the arrangement will bring more than $100 billion in private investment and generate over $209 billion in taxes for the Venezuelan state. Secretary Rubio projected the deal will support thousands of high-paying jobs and drive the reconstruction of Venezuela's economy.
For global energy markets, the agreement represents a potential structural shift in supply. Venezuela holds an estimated 303 billion barrels of proven reserves, the largest in the world, though production has plummeted since its peak in the late 1990s.
The move directly addresses mounting pressure on the Trump administration to tame domestic petrol prices, which recently spiked amid the Iran conflict. Trump claimed the transaction more than doubles American oil reserves and will substantially lower gas prices for all Americans.
This development follows the January 3 seizure of former Venezuelan President Nicolás Maduro and his wife, Cilia Flores, in a US special forces operation authorized by Trump. Following the raid, Trump declared the US would indefinitely control the sale of the country’s oil until a proper transition occurs.
Trump has formally asked US oil firms to commit at least $100 billion to restore the country’s hydrocarbon industry. He justified the arrangement by alleging Venezuela had previously seized American oil, assets, and platforms, costing the United States billions of dollars.
While the projected capital inflows are substantial, the operational reality of reviving collapsed infrastructure remains a complex challenge for private operators. The 55 percent government stake also introduces unique regulatory and political risks for the commercial entities tasked with executing the century-long concession.
