The White House has released further details of a major oil agreement between the United States and Venezuela, giving a new American-linked company long-term rights to operate more than 17 Venezuelan oil fields.
According to a fact sheet issued by the Trump administration, the United States is establishing a private joint venture with North American Blue Energy Partners (NABEP), a company owned by Venezuelan businessman Alejandro Betancourt.
NABEP is already one of Venezuela’s largest oil operators, ranking behind Chevron in production and operations.
Under the agreement, NABEP has pledged to invest about $100 billion in new oil infrastructure. The Pentagon’s Office of Strategic Capital will hold a 35 percent stake in the new company, while the United States will also have the right to purchase 20 percent of its oil output at cost through arrangements involving the State Department.
The agreement was signed by US Defense Secretary Pete Hegseth and Secretary of State Marco Rubio.
Venezuela’s interim President, Delcy Rodriguez, has granted the company 100-year rights to 17 oil fields containing an estimated 65 billion barrels of proven reserves. The White House said several of the fields were previously controlled or operated by Russian and Chinese companies.
The deal is part of President Donald Trump’s broader effort to increase Venezuelan oil production and strengthen US access to energy resources in the Western Hemisphere.
However, some analysts have expressed doubts about how quickly Venezuela’s oil industry can recover, warning that restoring production capacity could take years.
Trump acknowledged that the agreement would not immediately lead to lower petrol prices for American consumers. He said it could take some time before prices decline, while arguing that even a two-year wait would be relatively short.
Trump also said Venezuelan oil could help replenish the United States’ strategic petroleum reserves, which have been reduced amid disruptions to global oil supplies linked to the war involving Iran.
The White House has described the agreement as a major step toward securing US energy supplies and supporting Venezuela’s economic recovery.
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