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# Iperfora, nina, perfora! (Drill baby, Drill)
- URL: https://steel-veritas.ghost.io/iperfora-nina-perfora-drill-baby-drill/
- Published: 2026-08-30T19:15:17.000Z
- Updated: 2026-08-31T21:55:32.000Z
- Author: David Adams

The White House announced an oil joint venture with the Venezuelan government. Of Venezuela’s 300 billion barrels of proven reserves, the deal would access the USA to 65 billion barrels.

The deal consists of a 100 year Venezuelan oil field lease to a joint venture oil production company between the USA government's 55% holding and a private Venezuelan operator, ranking second to Saudi Aramco’s corporate proven reserves holding.

Chevron has historically maintained Venezuelan oil production investments and is working on new investments. Communist Venezuela lacking security guarantees, short of a reliable legal and commercial operating framework and a constitution stating, “Venezuelan oil deposits belong to the Venezuelan people and cannot be transferred to another owner”, have been Venezuela investment deterrents for ExxonMobil and Conoco/Phillips. 

![](https://storage.ghost.io/c/39/50/39506992-09de-45b1-9a80-a27a63f14a8d/content/images/2026/08/image.png)