US President Donald Trump announced Friday that Washington has secured "majority control" over more than 65 billion barrels of Venezuela's proven oil reserves, marking a sweeping expansion of US involvement in the South American country's energy sector.
The arrangement, which Trump said was reached through cooperation between US officials, Venezuela's interim leadership and private companies, would cover roughly one-fifth of Venezuela's proven reserves.
"At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer," Trump wrote on Truth Social.
However, the US president offered no details on the mechanism through which Washington would exercise that control, nor did he identify the companies or specific fields included in the arrangement.
US firms eye 17 Venezuelan oilfields
The announcement follows weeks of talks between Washington and Caracas over granting US firms long-term access to Venezuelan oilfields while directing a portion of future production toward the US market.
Venezuelan authorities are expected to approve new exploration and production agreements next week involving 17 strategic oilfields, with American companies expected to receive significant access.
According to a list reviewed by Reuters, the fields are located across the Orinoco Belt and the Lake Maracaibo region.
One proposal previously discussed would allow oilfields to be allocated through lease-style arrangements and tenders involving US producers.
Such a model could face legal and constitutional obstacles, however, because Venezuela's hydrocarbon resources remain under state control.
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