U.S. President Donald Trump announced an unprecedented initiative to assume direct control over Venezuela’s oil reserves, signaling a significant escalation in the United States’ involvement in the Latin American country's energy sector. The plan, revealed late last week, involves a partnership with private businesses to manage more than 65 billion barrels of oil, covering a 100-year concession across 17 oil fields. If realized, the venture would become the second-largest holder of proven oil reserves after Saudi Aramco.

Details remain limited, but the agreement was reportedly made with Venezuela’s interim president, Delcy Rodríguez. The effort follows months of negotiations among U.S. officials, Venezuelan representatives, and energy companies, including ongoing discussions involving Chevron and other firms. These corporations are exploring expanded operations in Venezuela, though their talks are said to be separate from the direct U.S.-controlled efforts. Alejandro Betancourt, a Venezuelan businessman serving as an intermediary between Washington and Caracas, is also engaged in talks with the U.S. Department of Defense concerning potential partnerships.

The initiative has revived cautious comparisons to earlier periods of U.S. interventionism in Latin America, where American economic and political influence often translated into control over natural resources. Analysts warn that Venezuela risks becoming a modern "resource colony," akin to the so-called banana republics of the early 20th century, where foreign companies wielded outsized power, often to the detriment of local governance and sovereignty.

Venezuela’s oil history illustrates these challenges. Once among the world’s largest producers, the country was initially dominated by U.S. and European operators. However, political turmoil throughout the 2000s, particularly under former President Hugo Chavez, resulted in the expropriation and nationalization of foreign-owned assets, with companies like ExxonMobil and ConocoPhillips losing their holdings. Chevron remains the only major U.S. oil company maintaining a foothold in the country.

Observers note the risks inherent in the current arrangement. Francisco Rodríguez, an economist at the University of Denver, commented that investors face uncertainty regarding whether future Venezuelan governments might annul these new contracts, echoing the fate of past agreements. Scholars have expressed concern that this deepened U.S. involvement may prioritize American economic and security interests over those of Venezuelan citizens.

The initiative follows a broader U.S. effort to counter the influence of Nicolás Maduro’s administration, which the Trump administration has sought to replace with a pro-American interim government. The move also aligns with Trump’s so-called "Don-ro Doctrine," an updated form of the Monroe Doctrine aimed at limiting foreign interference in the Western Hemisphere. Energy security concerns have intensified this strategy, especially amid disruptions in global oil supply linked to tensions with Iran.

Venezuela's new hydrocarbons law, signed earlier this year by Delcy Rodríguez, loosens state control over oil fields, facilitating foreign investment. Yet the process for awarding contracts has lacked transparency, with deals negotiated bilaterally and without competitive bids or regulatory oversight. This opacity has drawn comparisons to Venezuela’s early 20th-century oil concessions under dictator Juan Vicente Gomez, a period marked by corruption and limited accountability.

While the White House has remained silent on the specifics, the scale and ambition of the plan underscore a bold attempt by the United States to secure access to Venezuelan oil resources. Whether this strategy will yield long-term stability and benefits remains uncertain amid Venezuela’s complex political landscape and fraught history with foreign investment.