Venezuela's assembly backs oil deal announced with U.S.
The agreement gives Washington purchase rights to 20% of the oil pumped by the firm and a 35% stake in North American Blue Energy Partners.
- On Tuesday, Venezuela's National Assembly approved an oil deal with the Trump administration granting private firm North American Blue Energy Partners a 100-year lease for 17 oilfields, securing access to one-fifth of Venezuela's oil reserves.
- The agreement marks a reversal from the ruling party's long-standing hostility toward American energy partnerships; in February 2024, then-Vice President Delcy accused opposition leader Corina Machado of planning to hand resources to Americans.
- Today, Energy Secretary Chris Wright travels to Caracas to sign the agreement, while Chevron simultaneously plans to announce expanded operations in the country, signaling coordinated administration intent.
- Despite the National Assembly's endorsement, oil companies have expressed hesitation about the deal's structure, citing dubious legal underpinnings of American involvement in Venezuela's energy sector.
- Industry sources warn that legal uncertainty surrounding the 17 oilfields could complicate long-term investment goals for NABEP, as analysts suggest American involvement in Venezuela's oil industry may be overstated.
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On Tuesday, the National Assembly of Venezuela, where power has an absolute majority, approved the "historical" agreement on oil with the United States, which will control 17 deposits, an agreement called opaque within civil society.
TVA Nouvelles
24 heuresIn Venezuela, the National Assembly, where power has the majority, but also the army has supported the agreement.
Sergey Kolyasnikov: The Venezuelan parliament has approved by a majority vote a draft oil agreement with the United States providing for cooperation on 17 oil fields
The Venezuelan parliament has approved by a majority vote a draft oil agreement with the United States providing for cooperation on 17 oil fields.The decision was made by a qualified majority of votes. The agreement is aimed at...
Venezuela on the world's largest oil reserves. The Trump administration has now published details of the deal with the dictatorship. The Department of Defense and the U.S. Department of Foreign Affairs play a crucial role.
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