US Set to Seize Control of Venezuela's Massive Oil Reserves

The US is close to a massive deal with Venezuela that would give it direct stakes in several of its oil fields. The proposed agreement would more than double the size of America's oil reserves, with an estimated 90 billion barrels of proven reserves at stake.

Chevron has maintained a presence in Venezuela for over a century and is reportedly close to another deal with the country to boost its operations. The company currently produces around 250,000 barrels per day (bpd) from its existing joint ventures.

ExxonMobil and ConocoPhillips left Venezuela nearly two decades ago after the country nationalized their assets, but both are evaluating a return. They are reportedly in talks to acquire the rights to produce oil in up to six fields in Venezuela.