Trump Takes Majority Control of 65 Billion Barrels of Venezuelan Oil Reserves

Deal announced, reserves at stake

President Donald Trump announced that Washington would take majority control of more than 65 billion barrels of Venezuelan reserves as part of a partnership also involving private companies, and he described it on Truth Social as "the largest oil deal in world history."

Venezuela confirmed signing a "historic" oil deal with the United States, with Delcy Rodriguez saying it would promote investment in the recovery and reconstruction of strategic infrastructure for its hydrocarbons industry.

The agreement is framed as a way to "double" American oil reserves, with Trump also saying it would "substantially reduce the price of gasoline for all Americans, and for many years to come."

In the same announcement, U.S. Secretary of State Marco Rubio said the partnership could generate nearly $100 billion in private investments in Venezuela, while ABC News reported that the U.S. will have a 55% share in a joint venture with a private Venezuelan company.

ABC News also said the interim Venezuelan president granted the private company a 100-year lease for oil fields totaling 65 billion barrels of proven reserves, and that American purchases of the oil would go toward the U.S. Strategic Petroleum Reserve along with the military.

Reporting for this section20 MinutesABC

Who negotiates, who controls

Trump said negotiations were conducted "in close cooperation with the interim president of Venezuela, Delcy Rodriguez" and that the deal would be implemented "through a partnership with private companies," while ABC News reported the deal was negotiated by the Defense Department and State Department.

The agreement’s terms as described by ABC News include a 100-year lease for oil fields totaling 65 billion barrels of proven reserves, and it gives the U.S. "a 55% share" in the joint venture with a private Venezuelan company.

In a separate account, 20Minutos said the U.S. clearance for NABEP to run the exploitation of Venezuelan oil came as the pact was signed by Secretaries of State Marco Rubio and Defense (Guerra) Pete Hegseth.

20Minutos further said the Pentagon’s Office of Strategic Capital would hold a 35% stake in NABEP’s ownership and that NABEP would invest $100 billion, while also stating that the U.S. Executive would have preferential access to 20% of production at cost.

The same 20Minutos report identified Leopoldo Alejandro Betancourt López as the leader of North American Blue Energy Partners (NABEP) and said he would control Venezuelan crude for the next 100 years, adding that Betancourt, 46, described the operation as "This operation will allow us to unlock that potential for substantial benefit to both Venezuelans and Americans."

Reporting for this sectionABC20Minutos

Gas prices, timelines, and risks

ABC News reported that experts say the deal "won't provide immediate relief" at the pump and quoted Tom Kloza saying, "It's not going to result in cheaper gasoline, diesel or jet fuel prices over the next five days, five weeks or five months." The same ABC News account said the oil tapped in Venezuela is thicker than what most refineries are accustomed to processing and would take years to build the infrastructure needed to ramp up oil production. In contrast, Trump asserted that the operation would "greatly strengthen" the relationship between the U.S. and Venezuela and said it would "substantially lower" gas prices for Americans "long into the future."

For Venezuela, ABC News said Rodriguez hailed the agreement as having "a significant impact on our nation's revival," while also stating it calls for the development of 17 strategic fields, with an investment of more than $100 billion and more than $209 billion in tax revenue. Acento added that Delcy Rodríguez reported a 25-year term and a production target of over 1.5 million barrels per day, and it quoted Venezuelan expert César Mata warning that "If this comes to fruition, Venezuela begins to exploit resources that underground are worth nothing."

Reporting for this sectionABCAcento