U.S. President Donald Trump said on Saturday that the United States would take control of Venezuela’s vast oil reserves and bring in American companies to invest billions of dollars to rebuild the country’s long-damaged oil industry.

Trump said U.S. energy firms would play a leading role in restoring Venezuela’s production capacity after years of underinvestment, sanctions and operational decline hollowed out what was once one of the world’s largest oil sectors.

Venezuela holds an estimated 303 billion barrels of proven crude reserves — roughly one-fifth of the global total — according to data from the U.S. Energy Information Administration (EIA). Those reserves make the country a strategic asset in global energy markets and a focal point in any plan to reshape its economy.

Trump did not provide details on the legal or political framework under which the United States would assume control, nor did he outline a timeline for the proposed investments. His comments, however, signal a sharp shift in Washington’s approach toward Venezuela and suggest that control of energy resources will be central to any future U.S. engagement with the country.

The proposal is likely to raise questions internationally about sovereignty, sanctions, and the role of foreign governments in managing national resources. It also comes at a time when global energy markets remain sensitive to geopolitical developments and supply risks.

For Venezuela, whose oil industry has been crippled by years of mismanagement, lack of capital, and international isolation, any large-scale reinvestment could dramatically reshape its economic outlook. Whether Trump’s plan moves beyond rhetoric, however, will depend on political developments in both Washington and Caracas, as well as the response from international partners and energy companies.