Trump argued that the agreement could dramatically reshape America’s energy position while also helping rebuild Venezuela, a nation whose once-powerful oil industry has suffered years of decline.
According to the president, the deal could more than double the United States’ oil reserves while helping drive down gasoline prices for American consumers over the long term.
“This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States,” the president added.
Secretary of State Marco Rubio also praised the agreement, framing it as a major victory for the administration’s America First approach to foreign policy and energy security.
“This deal is a huge win for both the American and Venezuelan people. It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home,” said Secretary of State Marco Rubio. “For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.”
The scale of Venezuela’s petroleum resources is enormous.
The country possesses an estimated 303 billion barrels of proven oil reserves, giving it the largest such reserve base in the world. The newly announced agreement reportedly focuses on 17 strategic oil fields containing a combined proven potential of roughly 65 billion barrels.
For Venezuela, the arrangement could provide a massive infusion of capital into an industry that has struggled under years of political turmoil, economic mismanagement and deteriorating infrastructure.
The Venezuelan government estimates that the agreement could draw approximately $100 billion in private investment into its oil sector. Officials also expect the project to generate more than $209 billion in tax revenue.
Rodríguez said the agreement “will have a significant impact on our nation’s revival” and that “the agreement will allow for a significant increase in oil production with the participation of private operators.”
The interim president also pointed to broader economic and geopolitical consequences from the proposed investment.
She said the investments “will contribute not only to the recovery and modernization of our industry, but also to our country’s economic growth, the energy security of our hemisphere, and greater balance in international markets.”
The reported structure of the deal is also significant.
A U.S. official familiar with the agreement told the Associated Press that the arrangement would create a new private joint venture involving the U.S. government and an established private operator already experienced in Venezuela.
Rodríguez reportedly granted the venture concessions lasting 100 years to develop the targeted oil fields.
Under the agreement, the United States would receive an effective 55 percent share of the venture’s output through a combination of ownership rights and the ability to purchase oil at cost, according to the official.
The official further indicated that the venture could eventually become the world’s second-largest private holder of proven oil reserves, behind Saudi Aramco.
The announcement comes as major American energy companies are already positioning themselves for a larger role in Venezuela.
Chevron, the second-largest U.S. oil company, was reportedly engaged in advanced discussions to expand its Venezuelan operations. Venezuelan officials were also preparing additional agreements that would provide new exploration and production rights, with U.S. companies expected to be among the principal participants.
The developments mark a potentially dramatic shift for Venezuela’s oil industry.
Production has fallen sharply from the levels reached during the country’s oil boom in the late 1990s. Current production is estimated at roughly 1.25 million barrels per day, despite Venezuela possessing the largest proven oil reserves on the planet.
The Trump administration has sought to establish a more dependable supply of Venezuelan crude, particularly for U.S. refineries that are capable of processing heavier grades of oil.
The broader strategy follows the January operation that resulted in the removal of former Venezuelan President Nicolás Maduro and the installation of Rodríguez as interim president.
If the agreement proceeds as announced, the consequences could extend well beyond Venezuela’s oil fields.
For Washington, increased access to massive petroleum reserves in the Western Hemisphere could strengthen energy security and reduce reliance on distant foreign suppliers. For Caracas, billions of dollars in investment could provide a pathway toward rebuilding damaged infrastructure, increasing production and reviving an economy devastated by years of crisis.
Trump is presenting the arrangement as precisely the kind of transaction his administration has promised to pursue: American interests first, private capital rather than taxpayer-funded spending, and increased domestic energy security.
The real test, however, will come with implementation.
Turning Venezuela’s enormous underground reserves into sustained production will require significant investment, infrastructure repairs and operational stability. If those hurdles can be overcome, the agreement could become one of the most consequential energy partnerships ever established between the United States and Venezuela.
For now, the Trump administration is betting that Venezuela’s vast reserves can serve two purposes at once: rebuilding a struggling nation while delivering a major new source of oil to the American energy market.
