Venezuela has one of the world's largest known oil reserves but dilapidated infrastructure prevents much of it from being produced. (Reuters: Samir Aponte)
The United States has struck a deal with Venezuela to secure "majority US control" of more than 65 billion barrels of Venezuelan oil, according to Donald Trump.
It comes nearly nine months after the US captured Venezuela's president Nicolás Maduro and spirited him to the US to face federal narcoterrorism and drug trafficking charges.
The agreement allows for the US to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a US official.
US President Donald Trump says the US has entered an agreement with Venezuela to take control of a fifth of the South American country's vast oil reserves.
Mr Trump announced the deal in a social media post on Friday, local time, providing few details about it other than that the US had secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business.
"The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Mr Trump wrote.
Donald Trump said the "historic" transaction would lower gas prices in the US. (Reuters: Evelyn Hockstein)
"At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer."
Ms Rodríguez's government in a statement said the deal involved the development of 17 fields with a proven potential of 65 billion barrels.
It said the agreement could draw $US100 billion ($139b) in investment into Venezuela's oil industry and yield over $US209 billion ($291b) in taxes for Caracas.
Ms Rodríguez in a posting on Telegram predicted the deal "will have a significant impact on our nation's revival".
Delcy Rodríguez opened Venezuela's oil sector to privatisation shortly after taking power this year. (Reuters: Leonardo Fernandez Viloria)
The agreement allows for the United States to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a US official familiar with the contours of the deal.
The official, who was not authorised to comment publicly and spoke on the condition of anonymity, added that Ms Rodríguez granted the company 100-year rights to develop the oil fields.
