Venezuela and USA close agreement to explore 65 billion barrels

The Venezuelan government announced this Friday (28 August 2026) an agreement with the United States to develop 17 oil fields with a potential of 65 billion barrels. The partnership will have the participation of private operators and seeks to expand Venezuelan production. Read the full text (PDF – 149 kB).

US President Donald Trump (Republican Party) stated that the arrangement will give Americans majority control over the volume associated with the business. According to him, the participation will be structured with private companies and will have no costs for the country’s tax payers.

The Republican did not say which companies will be part of the project, how control of the fields will be divided or when exploration will begin.

Trump stated that the understanding was negotiated by Secretary of State, Marco Rubio, and Secretary of War, Pete Hegseth, in conjunction with Delcy Rodríguez, interim president of Venezuela.

“The United States has just signed the largest oil agreement in history with Venezuela. […] We guarantee US majority control over more than 65 billion barrels of proven Venezuelan oil reserves, at no cost to US taxpayers. The transaction more than doubles North American reserves, increases supply and will substantially reduce gasoline prices over the long term.”Trump wrote.

In a statement, the Venezuelan government stated that the initiative will facilitate the entry of investments to recover and modernize the infrastructure of the hydrocarbon sector. Caracas estimates more than US$100 billion in contributions and a collection of more than US$209 billion throughout the execution of the projects.

According to Reutersthe fields are located in the Orinoco Oil Belt and the Lake Maracaibo region. Venezuelan authorities must still sign exploration and production contracts with interested companies.

Trump presented the partnership as a way to increase oil supply and reduce fuel prices in the US. Part of the oil could be destined for the North American strategic reserve and to supply the Armed Forces.

The impact should not be immediate. The expansion of production depends on the recovery of fields, electrical networks, oil pipelines, ports and refineries. Extracting Venezuelan heavy oil also requires high investments and can take years to reach commercial scale.

Venezuela has the largest proven oil reserves in the world. The U.S. Energy Information Administration estimates the country has about 303 billion barrels. The volume included in the partnership represents just over 21% of this total.

The announcement marks a new stage in the rapprochement between Washington and Caracas. Delcy Rodríguez temporarily assumed the Venezuelan Presidency after a US military operation captured Nicolás Maduro, in January 2026, and took him to face charges in the US courts. Maduro has pleaded not guilty.