Fact Sheet: President Donald J. Trump Announces Historic Oil Agreement to Secure American Energy Dominance and Drive Venezuela’s Economic Recovery

SECURING STABLE & LOW-COST OIL SUPPLY IN OUR HEMISPHERE: In the biggest oil deal in world history, President Donald J. Trump has secured U.S. majority control of more than 65 billion barrels of proven oil reserves in Venezuela – vastly expanding our current U.S. territorial proven reserves of roughly 46 billion barrels. This deal secures our energy dominance for the next century—all at zero cost to the United States. The deal, signed by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, gives the U.S. government powerful governance rights, economic ownership, and guaranteed low-cost off-take from a new private Venezuelan oil champion, which will be the second-largest private oil company by reserves in the world:

DRIVING ECONOMIC RECOVERY & THE RECONSTRUCTION OF VENEZUELA’S OIL SECTOR:  This groundbreaking privatization and investment in Venezuela’s energy sector is a key step in the Trump Administration’s three-part plan of stabilization, reconstruction and democratic transition.Private-sector led growth in production, output, and investment in Venezuela is a key precondition to driving continued reform and democratic transition following the incredible success of Operation Absolute Resolve:

REASSERTING THE MONROE DOCTRINE & EXPELLING FOREIGN ADVERSARIES FROM OUR HEMISPHERE: The majority of the incremental oil fields to be operated by NABEP were previously controlled or operated by Russian and Chinese firms, or by corrupt cronies of Maduro and Chavez. These malign foreign actors looted Venezuela’s resources for the benefit of American adversaries like Cuba, Russia and China and failed to invest in Venezuela’s infrastructure or development.