US Takes Majority Stake in Venezuelan Oil Company with World's Second-Largest Reserves

The US government will have majority control of a Venezuelan oil company through a new joint venture.

The deal, worth $100 billion in investment and generating $209 billion for Venezuela's government, was granted by interim President Delcy Rodriguez to a private company with a 100-year lease on prime oil fields.

The US will control 55% of the company's effective output through equity ownership and oil production, while a private Venezuelan operator will hold the remaining share.

Venezuela has the largest oil reserves in the world, with an estimated 303 billion barrels. The deal allows the US to tap into 65 billion barrels of that amount, exceeding its own proven reserve total of 46 billion.