US secures majority control of Venezuela oil reserves in new deal
President Donald Trump said the US secured majority control over more than 65 billion barrels of Venezuela’s oil reserves. A joint company would get a 100-year lease to develop 17 oil fields, drawing investment hopes and sovereignty concerns.
US President Donald Trump announced Friday that the US had secured majority control over more than 65 billion barrels of Venezuela’s oil reserves, expanding Washington’s influence over the country’s energy industry.
Under the agreement, a joint company comprising the US government and a Venezuelan private operator will receive a 100-year lease to develop 17 oil fields.
Venezuela’s acting president said the agreement could draw billions in investment, but critics across Venezuela’s political spectrum questioned its legality and warned it could undermine Venezuelan sovereignty.
The deal marked a win for Trump, who has urged American oil companies to return to Venezuela since Nicolás Maduro’s ouster; after months of hesitation, Chevron and others are now nearing billion-dollar deals, The Wall Street Journal reported.