Trump Announces US-Venezuela Oil Deal Giving Majority Control of 65 Billion Barrels

President Donald Trump announced a “historic” US-Venezuela oil deal that he said would give the United States “majority control” of more than 65 billion barrels of proven oil reserves in Venezuela, and he framed it as “THE BIGGEST OIL DEAL IN WORLD HISTORY.”

“THE BIGGEST OIL DEAL IN WORLD HISTORY”

ABC

The agreement described by ABC News would give the U.S. a 55% share in a joint venture with a private Venezuelan company, with the interim Venezuelan president granting the private company a 100-year lease for oil fields totaling 65 billion barrels of proven reserves.A

20 Minutes

ABC News also reported that the supply of at-cost oil produced from the company would help fill the U.S. AStrategic Petroleum Reserve and benefit the U.S. military, with the deal negotiated by the Defense Department and State Department.

In a separate account, 20Minutos said the U.S. gave clearance for North American Blue Energy Partners (NABEP) to run exploitation of Venezuelan oil, with the agreement signed by Secretaries of State Marco Rubio and Defense (Guerra) Pete Hegseth and granting the Pentagon’s Office of Strategic Capital a 35% stake in NABEP’s ownership.

20Minutos added that NABEP stated it would exercise operational control while the U.S. Executive would have preferential access to 20% of production at cost.

Venezuela’s interim President Delcy Rodríguez defended the arrangement in a televised address, saying the project would last 25 years and would preserve “ownership of and sovereignty” of its resources.

Rodríguez said the project envisages development of 17 strategic oilfields with an initial production target of 1.5 million barrels per day, and she said $19 from every barrel produced and sold to the U.S. would flow to Caracas.

20Minutos

In the same dispute over what the deal means for Venezuelan control, ABC News reported that Rodríguez hailed the agreement with the U.S. and said it would “have a significant impact on our nation's revival.”A

ABC News also quoted Tom Kloza, the chief energy adviser for Gulf Oil, warning that the deal would not change prices quickly, saying, "It's not going to result in cheaper gasoline, diesel or jet fuel prices over the next five days".A

20Minutos further tied the pact to Alejandro Betancourt López, describing him as the leader of NABEP and saying he was “questioned” in 2018 by the U.S. justice system for alleged money laundering in Pdvsa.

The deal’s implementation, as described by 20Minutos, hinges on NABEP’s concession to drill 17 oil fields and on the Pentagon’s Office of Strategic Capital taking a 35% stake, while the U.S. Executive would have preferential access to 20% of production at cost.

“unlock that potential for substantial benefit to both Venezuelans and Americans”

20Minutos

20Minutos said NABEP’s press release described the operation as allowing it to “unlock that potential for substantial benefit to both Venezuelans and Americans,” and it described Betancourt as NABEP’s leader.

ABC News reported that Trump said the agreement would be “at no cost to” U.S. taxpayers, while also stating that the U.S. will have a 55% share in the joint venture and that American purchases of the oil will go toward the U.S. AStrategic Petroleum Reserve along with the military.

Al Jazeera reported that the deal would allow Venezuela to develop its oil industry while leveraging capital, technology and operational expertise to support recovery of a strategic industry affected by sanctions, and it said the project includes the development of eight greenfield oil blocks.

In a separate report, Adelaide Now said energy deals signed in Caracas included Chevron and Italy’s ENI, and it quoted Wright defending NABEP’s “highly successful track record of producing large volumes of oil in Venezuela.”