Trump's deal to dominate Venezuela's oil; 100-year concession to exploit 17 oil fields with a 55% share for Washington

Afghan Voice Agency (AVA) International Service: Donald Trump, in a message on social media, called the agreement "the largest oil deal in world history" and announced that the negotiations were concluded by Marco Rubio (Secretary of State), Pete Hegsett (Secretary of War) and Delcy Rodriguez (Interim President of Venezuela).

 

According to a statement from the Rodriguez government; the agreement includes the development of 17 oil fields with a proven capacity of 65 billion barrels. The plan is expected to attract $100 billion in investment in Venezuela’s oil industry and generate more than $209 billion in tax revenue for Caracas. Rodriguez predicted in a telegram message that the deal would have “a significant impact on the economic recovery of the Venezuelan nation.”

 

Details of the new company structure and 100-year concession

A U.S. official familiar with the matter, who spoke on condition of anonymity, told The Associated Press that the agreement would allow the United States to establish a new private company to take control of the reserves, in partnership with a private operator in Venezuela. Delcy Rodriguez has granted the new company 100-year rights to develop the oil fields, the official said.

 

The agreement gives the United States 55 percent of the new company’s effective production, including an ownership stake and the right to buy oil at cost. The company will become the world’s second-largest proven oil producer after Saudi Aramco, the official said. Some of the oil purchased from the company will be used to replenish the US Strategic Petroleum Reserve and for military purposes.

 

The announcement comes nearly nine months after US forces, on Trump’s orders, kidnapped then-Venezuelan President Nicolas Maduro and transferred him to the United States to face trial on drug-related terrorism charges. Maduro, who remains in US custody, has denied the charges.

 

Trump is already under intense domestic pressure to lower gasoline prices as the US-Israeli war against Iran enters its sixth month and a severe slowdown in tanker traffic through the Strait of Hormuz, which once carried 20% of the world’s oil, has pushed the price of a gallon of gasoline to $4.09 in the US (compared to $3.21 at the same time last year). In addition, the US Strategic Petroleum Reserve has fallen by 100 million barrels since the beginning of 2026, falling below 300 million barrels.

 

However, experts warn that the deal will not bring down gasoline prices quickly, as repairing and rebuilding Venezuela’s aging infrastructure will require billions of dollars in capital and years of time. Although Venezuela has about 303 billion barrels of proven oil reserves, or about 17 percent of the world’s oil, it currently produces only about 1 percent of the world’s oil due to aging infrastructure.