U.S. Secures Majority Stake in Venezuela’s Oil Fields Through New Agreement

Trump said the agreement announced on Friday night would give the United States a stake in Venezuela’s vast oil reserves, a step toward his goal of extracting energy from the country after American forces captured then‑President Nicolás Maduro in a middle‑of‑the‑night raid in January and brought him to New York to face federal drug‑trafficking charges.

Venezuela’s interim leader, Delcy Rodríguez, described the deal as a step toward economic recovery that will modernize the country’s oil industry. In a televised address to the nation late on Sunday, Rodríguez insisted Venezuela’s sovereignty is secure and said she wants the country to become a global energy powerhouse.

Earlier on Saturday, she said the oil reserves would “cease to be an inert, cold statistic and will instead become concrete solutions. Housing is one of them.”

But the answers to many questions, including how soon the reserves could be drilled and who will finance the development, remain unclear. No text of any agreement has been released.

What are the terms?

The U.S. government and an unnamed private operator in Venezuela formed a new company that was granted rights to develop untapped oil fields.

A statement from Rodríguez said the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It said the agreement could draw $100 billion (€86 billion) in investment into Venezuela’s oil industry and yield more than $209 billion (€180 billion) in taxes for Caracas.

Trump said the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Rodríguez.

The arrangement gives the United States a 55 % effective output of the new private company, including an ownership stake and the right to purchase oil at cost. American purchases of the oil will go toward the U.S. Strategic Petroleum Reserve and military supplies, according to a U.S. official who was not authorized to speak publicly.

The company would be the second‑largest corporate holder of proven reserves after Saudi Aramco, the official added.

How will Venezuelans react?

Some Venezuelans view the agreement as a betrayal of the government’s long‑standing stance that the nation’s resources belong to the people and should not be handed over to foreign governments.

Harvard University professor Ricardo Hausmann, a former Venezuelan planning minister, called it a “shameful deal.” “Venezuelans will not respect this illegitimate deal and no major U.S. oil company will take it seriously because they know it will not last,” Hausmann said on social media, adding that Rodríguez “has no legitimacy or constitutional power to commit Venezuela to any such deal.”

In her national address, Rodríguez pushed back on early criticism. “One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources,” she said. She indicated the goal is to reach additional agreements with transnational private companies such as Chevron, Repsol, and Shell.

She added: “We want to be an energy powerhouse, a major oil producer, a significant gas exporter, and a major national petrochemical developer.”

What is the reaction on Capitol Hill?

It is unclear whether Congress will play a role in the arrangement, but lawmakers from both parties quickly weighed in.

Trump allies hailed it as a win. “If it were up to DC Democrats, Maduro would still be in power, Venezuelan oil would be going to China at half price, and the people of Venezuela would be getting robbed by a corrupt regime,” wrote Sen. Bernie Moreno, R‑Ohio.

Democrats condemned the deal, saying Maduro’s capture was a means to this end. “Trump was always after Venezuela’s oil, branding it ‘corruption at epic scale,’” said Sen. Tim Kaine, D‑Va. “Will prices come down for Americans? Who knows but likely not as much as Trump has forced them up thru his idiotic Iran War,” Kaine posted on social media.

Sen. Chris Van Hollen, D‑Md., accused Trump of “putting our service members at risk to get Venezuelan oil for his billionaire buddies.”

What questions remain?

Key details are still lacking, including who will cover the necessary investments, the identity of the private operator, and how America’s 55 % stake in the company breaks down between ownership and cost‑price purchase rights.

It is also uncertain how the industry will respond. Attracting major U.S. oil firms back to Venezuela could prove difficult given political uncertainty and damaged infrastructure. Chevron, the only U.S. company currently producing in Venezuela, declined to comment. Exxon Mobil also declined to comment.

David Oxley, chief climate and commodities economist at Capital Economics, noted that while the deal could theoretically double U.S. oil reserves and reduce dependence on Canada and Mexico, logistical hurdles and questions about the true value of Venezuela’s reserves—potentially inflated under former President Hugo Chávez—remain.

Even with legal and security guarantees, Oxley warned, U.S. oil companies “might not be eager to invest,” as other regions may offer more attractive commercial opportunities.

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