President Trump said the United States had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through an agreement involving the Venezuelan government and private business. A U.S. official told The Hill that Interim President Delcy Rodriguez granted a private company, structured as a joint venture between the U.S. government and an unnamed private operator in Venezuela, 100-year concessions covering fields with 63 billion barrels of proven reserves. The official said the U.S. government would receive more than half the new company’s value through equity ownership and guaranteed oil offtake, equivalent to 55% of the venture’s effective output. The 65-billion-barrel figure represents about 21% of Venezuela’s 303 billion barrels in total proven reserves. Trump described the venture as having the world’s second-largest proven oil reserve, behind Saudi Aramco, while a separate The Hill report highlighted political and logistical hurdles to extracting the oil.