U.S. Secures Majority Control Over Venezuelan Oil Fields

The U.S. government is in negotiations with Venezuela to acquire equity stakes in multiple oil fields, securing 'majority control' over more than 65 billion barrels of proven oil reserves at no cost to taxpayers.

According to Axios, the deal will give the U.S. 'more than double America's oil reserves.' The report indicates that the negotiations involve at least 17 already-producing oil fields in Venezuela with estimated reserves of approximately 90 billion barrels.

Chevron, which has operated in Venezuela for over a century and has increased its stake in the Petroindependencia joint venture to 49%, stands to be the biggest beneficiary if the deal is finalized. The company plans to boost production by 50% over the next two years.