US Oil Deal Promises a Flood of Investment in Venezuela. When Will Its People Feel the Benefits?
The venture gets 100-year rights to 17 fields holding 65 billion barrels as Venezuela seeks investment for its battered oil industry.
- On Wednesday, Sept 2, 2026, President Delcy Rodriguez and Energy Secretary Chris Wright signed an agreement in Caracas granting North American Blue Energy Partners 100-year rights to 17 oil fields at the Miraflores presidential palace.
- Years of economic mismanagement and sanctions crippled Venezuela's oil industry, which currently produces roughly 1 million barrels per day. The government hopes this joint venture will revitalize the energy sector.
- The agreement grants access to 65 billion barrels of proven reserves, representing a significant portion of the nation's estimated 300 billion barrels of oil. This marks a major shift in policy toward foreign investment.
- Worker Erwin Ayala expressed cautious support, saying "if it's for the good of the country and for future generations, then yes, we agree with that." Architect Lisandro Castro criticized the move as a "strategy" for United States benefit, not Venezuelans.
- Experts warn that degraded infrastructure means significantly higher oil production will take years to achieve, challenging the belief held by every Venezuelan for more than 100 years that oil resources belong strictly to the people.
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35 Articles
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US oil deal promises a flood of investment in Venezuela. When will its people feel the benefits?
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The post Bloomberg Economist: ‘This Was All About Oil’ and Compares Chevron’s Venezuela Deal to 1953 Iran Coup appeared first on 24/7 Wall St.. Although Chevron (NYSE:CVX) shares have climbed to a 52-week high on the back of a $7 billion Venezuela expansion, to above $214 per share, Wall Street’s memory tends to be shorter than the deals it finances. The stock closed at $211.78, up 38.8% year to date, and traders appear to be treating its Venezu…
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