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 .

But the U.S., which is the world’s biggest oil producer, doesn’t have one, leaving the task of pumping crude to private-sector giants like Exxon Mobil and Chevron as well as the multitude of wildcatters across the Permian Basin.

The Trump administration’s deal for 65 billion barrels of Venezuelan oil reserves , however, will give the federal government a stake in a new joint venture.

The country’s interim president, Delcy Rodriguez, has granted a private company a 100-year lease for prime oil fields, a U.S. official said, according to reports .

The federal government will control 55% of the company’s effective output via equity ownership and oil production.

A private Venezuelan operator will have the remaining share.

The U.S. official said the company will be the world’s second-largest corporate holder of proven reserves after Saudi Aramco .

For her part, Rodriguez said the deal will bring in more than $100 billion of investment and generate $209 billion for Venezuela’s government.

Venezuela has the largest oil reserves in the world, with an estimated 303 billion barrels.

President Donald Trump’s deal to gain control of 65 billion barrels of that amount exceeds the U.S. proven reserve total of 46 billion.

The Trump administration’s majority stake in an oil company follows its investments in chipmaker Intel , rare earths miner MP Materials, mineral explorer Trilogy Metals, and dozens of other firms .

It also has revenue-sharing agreements with AI chip leaders Nvidia and AMD for sales to China.

The latest deal comes nearly nine months after Trump ordered the military to capture Venezuelan dictator Nicolás Maduro and bring him to the U.S. to face federal narcoterrorism and drug trafficking charges.

A month after that operation, the U.S. and Israel launched a war against Iran that resulted in the worst-ever energy supply shock in history, spiking prices higher and forcing countries to draw down crude stockpiles.