BOGOTA/WASHINGTON, Sept 3 (Reuters) - Only a "serious, democratic government" can provide the stability needed by investors in Venezuela's oil sector, opposition leader and Nobel Peace Prize winner Maria Corina Machado said in a video message on Thursday.

The Trump administration’s deal with a private oil company to increase oil production in the South American country could take many years to come to fruition.

The deal gives the Pentagon a 35% ownership stake in the private company being created, and the State Department will get a guarantee to purchase 20% of the output at cost.

Venezuela's acting President Delcy Rodríguez signed an agreement granting U.S. companies majority control over 65 billion barrels of crude oil.

Venezuela is becoming a major testing ground for Donald Trump’s hemispheric ambitions, emerging as another potential source of rivalry with China.

Gulf Oil senior energy advisor Tom Kloza discusses Energy Secretary Chris Wright finalizing an oil output deal in Venezuela and analyzes the impact on domestic fuel prices and diesel costs on 'The Bottom Line.

Secretary of State Marco Rubio pushed back against criticism that a massive oil deal with Venezuela has weakened the Trump administration’s commitment to restoring democracy there. In an interview with Fox News aired Wednesday,

This comes just days after the Trump administration's historic oil deal in Venezuela. Oil major Chevron (NYSE:CVX) plans to invest more than $7 billion in Venezuela through 2031 to double its oil production in the country to nearly 600,