Venezuela's assembly backs oil deal announced with U.S.
The deal gives Washington control of 17 oilfields and purchase rights to 20% of the crude, while critics warn it raises sovereignty concerns.
- 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.
302 Articles
302 Articles
Venezuela’s oil identity at crossroads as US gains control of one-fifth of reserves
Venezuela’s latest oil agreement with a US-linked venture has exposed a deep divide between hopes of reviving the country’s battered energy industry and fears over losing control of its most valuable national asset. With 17 oil fields and 65 billion barrels of proven reserves covered by the deal, Venezuelans are weighing potential economic gains against concerns over sovereignty.
The Venezuela–US Oil Agreement in Detail
An analysis of investment, concession regimes, revenue and political variables. By Misión Verdad – Aug 31, 2026 The governments of Venezuela and the United States have announced a "historic agreement" in the oil sector, granting favorable concessions to US companies in 17 oil fields. Donald Trump and his Secretary of State, Marco Rubio, touted the...
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