Proud of Their Oil, Venezuelans View US Stake in Their Reserves as a Surrender
The pact gives Washington a 35% stake and purchase rights for 20% of output as analysts question how NABEP will finance development.
- On Wednesday, interim Venezuelan President Delcy Rodríguez granted a US-led private firm 100-year rights to 17 major oilfields, securing access to 65 billion barrels of crude reserves.
- President Donald Trump made securing Venezuelan crude a primary geopolitical objective to displace Russian and Chinese energy influence, framing the deal as a revival of the Monroe Doctrine.
- Under the deal, the US government retains a 35 percent equity stake in North American Blue Energy Partners and secures 'preferential access' to 20 percent of extracted crude at production cost.
- Former US special representative Elliott Abrams condemned the agreement as a 'terrible deal' and a form of colonialism, while opposition figures warn the pact lacks legitimacy for long-term stability.
- Experts warn degraded infrastructure demands at least $100bn in capital to boost production, though former oil worker Romel Abreu expressed hope the investment could revitalize the struggling industry.
44 Articles
44 Articles
Venezuelans view US stake in their oil reserves as surrender
Many Venezuelans see the deal giving the United States control of roughly one-fifth of their country's oil reserves as a surrender. The deal holds the potential to generate billions of dollars for an economy wrecked by years of mismanagement. But…
Associated Press News
Proud of their oil, Venezuelans view US stake in their reserves as a surrender
Many Venezuelans see the deal giving the United States control of roughly one-fifth of their country's oil reserves as a surrender.
By Gonzalo Zegarra, CNN en Español. The enormous figures mentioned by U.S. and Venezuelan authorities regarding the new oil agreement are fueling hopes of a new period of prosperity among Venezuelans, after more than a decade of economic and social crisis in a country that has the world's largest proven oil reserves but requires investment to rebuild its infrastructure. While the agreement wouldn't solve the U.S.'s most immediate problem, Venezu…
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