The poster child of this approach is the Saudi Arabia oil trading partnership of decades, where the increasingly wealthy Saudi state oil company have a control and share of profits that increases over time. Read a few wikipedia articles or this :
https://en.wikipedia.org/wiki/The_Prize:_The_Epic_Quest_for_...
It is true however, that Venezuala appears to be headed to breaking this pattern. It is related to the Hugo Chaves / Cuba / SAmerican Marxism fights and there are a lot of hard liners on both sides.
>“The Venezuelan Navy aggressively stopped ExxonMobil contracted vessels operating under an oil exploration agreement with the Cooperative Republic of Guyana in its Exclusive Economic Zone,” he said, saying Guyana had the right to explore there and urging Venezuela to respect international law and its neighbors’ rights.[0]
[0]https://www.reuters.com/article/us-guyana-venezuela-oil/vene...
Two months later Donald Trump is trying to oust Maduro for being 'undemocratically elected' while simultaneously praising communist Dictators in South East/East Asia.
Yeah, has nothing to do with American oil interests.
That sounds familiar? Oh, wait: https://www.washingtonpost.com/politics/trump-defends-organi...