The White House on August 3 released detailed information about the oil agreement between the United States and Venezuela, which grants a new private American company the right to exploit more than 17 oil fields over 100 years. The deal, signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio, aims to solidify "American energy dominance for the next century."
According to documents published by the Trump administration, the U.S. will form a private joint venture with North American Blue Energy Partners (NABEP), a company owned by Venezuelan businessman Alejandro Betancourt. NABEP is currently the second-largest oil operator in Venezuela, after Chevron. It has committed to investing $100 billion in new oil infrastructure.
The Pentagon's Strategic Capital Office will hold a 35% stake in the venture, while the U.S. is guaranteed the right to purchase 20% of production at cost, coordinated through the State Department.
Venezuela's interim government, led by Delcy Rodriguez, will grant NABEP rights to develop 17 oil fields with proven reserves of 65 billion barrels. According to the White House, most of these fields were previously controlled or operated by Russian and Chinese companies, or by associates of former Presidents Nicolas Maduro and Hugo Chavez.
Speaking at the signing ceremony, Betancourt said Venezuela is "blessed with abundant natural resources, hardworking people, and untapped potential," and asserted the deal would "unleash that potential for the great benefit of both Venezuelans and Americans."
However, the agreement has drawn skepticism from some analysts, who argue it will take years to revive Venezuela's oil output. President Trump acknowledged U.S. consumers won't see immediate changes in gasoline prices, but he downplayed analysts' predictions that it could take years. "If it's two years, that's a short period," he said.
Trump said the deal would provide oil to help replenish the U.S. strategic petroleum reserve, which was drawn down amid the war with Iran disrupting global oil shipping. He added that Venezuela's heavy oil would be used to produce asphalt and other products.
