US Takes Control of Venezuela's Oil Reserves in Historic Deal
The United States has secured control over Venezuela's vast oil reserves through a historic agreement. The deal grants the U.S. majority control over more than 65 billion barrels of proven oil reserves in Venezuela at no cost to American taxpayers.
Venezuela's interim president, Delcy Rodríguez, granted a 100-year concession to a newly created joint private venture to develop oil fields with estimated reserves of 63 billion barrels. The U.S. government will hold a 55% stake in the venture, which includes equity ownership and the right to receive oil at cost.
The new entity is expected to become the second-largest corporate owner of proven oil reserves globally, after Saudi Aramco. This agreement has been hailed as a major win for the U.S., with potential investments of nearly $100 billion in private investment, creation of thousands of high-paying jobs, and stimulation of Venezuela's economic recovery.