Trump Secures Majority Control of 65 Billion Barrels of Venezuelan Oil

President Donald Trump announced a sweeping energy agreement with Venezuela on August 28, 2026, granting the United States majority control over more than 65 billion barrels of proven oil reserves. Characterized by Trump as the "biggest oil deal in world history," the pact involves 17 strategic fields, primarily in the Orinoco Belt and Lake Maracaibo. The deal follows a January military operation that captured former President Nicolás Maduro, who remains in U.S. custody.

The arrangement is structured as a joint venture with North American Blue Energy Partners, led by businessman Alejandro Betancourt López. The U.S. government, via the Pentagon's Office of Strategic Capital, holds a 35% equity stake and secures preferential rights to purchase 20% of production at cost, resulting in a 55% effective output share. While Trump claims the deal will double U.S. reserves and lower gas prices, interim President Delcy Rodríguez describes it as a 25-year project to attract $100 billion in investment and generate $209 billion in tax revenue. Contradictions persist regarding the duration, with U.S. officials citing 100-year concessions.

Concurrent with the government stake, U.S. Energy Secretary Chris Wright oversaw a wave of private agreements in Caracas. Chevron Corp. committed $7 billion to double its production to 600,000 barrels per day by 2031, while Italy's Eni secured exclusive rights to the Junín 5 field. GE Vernova also partnered with PDVSA to repair the national power grid. Critics, including Democratic lawmakers and Venezuelan opposition, have condemned the deal as an unconstitutional "private oil grab" and a form of colonialism.