The White House says the agreement gives the United States majority control of more than 65 billion barrels of proven Venezuelan oil reserves. That is more than the roughly 46 billion barrels currently counted as proven reserves within U.S. territory.
Trump says the deal will substantially lower gas prices for Americans by bringing more low-cost Venezuelan crude into the U.S. market.
The agreement gives the United States guaranteed access to Venezuelan oil at production cost, with the administration saying that supply can also be used to help refill the Strategic Petroleum Reserve.
Trump's Energy Secretary Chris Wright says Venezuelan crude could help fill the reserve, while millions of additional barrels are expected to be processed at U.S. refineries.
And Chevron is expanding its role in Venezuela. The company says it plans to invest more than seven billion dollars over the next five years and more than double its Venezuelan production to approximately 600-thousand barrels a day.