economy
The U.S. doesn't have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world's 2nd largest reserves
Many of the world’s top oil countries have state-run national champions, such as Saudi Arabia’s Aramco, Russia’s Rosneft, the UAE’s Abu Dhabi National Oil Company, Brazil’s Petrobras, and Mexico’s Pemex.
TL;DR
- The U.S. will have a majority stake in a new oil company in Venezuela, controlling 55% of its output.
- This Venezuelan company will possess the world's second-largest proven oil reserves, estimated at 65 billion barrels.
- The deal is expected to bring over $100 billion in investment and $209 billion for Venezuela's government.
- The U.S. aims to replenish its Strategic Petroleum Reserve (SPR) through this venture.
- Venezuela's oil sector is in disrepair, with current production significantly lower than its peak.
- Global oil giants like Chevron and Halliburton are reportedly considering re-engaging in Venezuela.