The White House says President Donald Trump has secured a historic oil agreement with Venezuela that gives the United States majority control over more than 65 billion barrels of proven Venezuelan oil reserves. Under the deal, North American Blue Energy Partners (NABEP) received 100-year concessions to operate 17 oil fields and granted the U.S. government a 35% equity stake in its parent company at no cost to American taxpayers.
The agreement also gives the U.S. access to 20% of NABEP’s oil production at production cost, with the right of first refusal on the remaining 80%. The White House says millions of barrels of Venezuelan oil will be processed through U.S. refineries and supported by American equipment and infrastructure, potentially driving investment and creating jobs in the United States.
The administration describes the deal as part of a broader plan to rebuild Venezuela’s oil industry, strengthen U.S. energy security and expand American influence in the Western Hemisphere.
