Venezuela has handed North American Blue Energy Partners a century-long claim to 17 oil fields containing roughly 65 billion barrels in reserves, part of what the White House called a “historic oil agreement” to secure American energy dominance.
The Deal Terms
NABEP, Venezuela’s second-largest private oil operator, granted the U.S. Department of War’s Office of Strategic Capital a 35% equity stake in its parent company at no cost.
The State Department separately secured the right to buy 20% of all future output at production cost, along with a right of first refusal on the remaining 80%.
The U.S. also gained veto power over NABEP’s board, a majority of which must be American citizens.
NABEP has committed to investing $100 billion in new oil infrastructure.
Trump’s ‘Biggest Oil Deal In World History
Trump first announced the agreement Friday, calling it “the biggest oil deal in world history,” and said the oil would help refill the Strategic Petroleum Reserve, calling it a “gift” from Venezuela to the American people.
Framed as Reasserting the Monroe Doctrine
The White House, in its fact sheet, said many of the fields were previously controlled by Russian or Chinese firms and described the deal as a reassertion of the Monroe Doctrine in the Western Hemisphere.
NABEP is expected to pay roughly $200 billion in royalties and taxes to Venezuela over the next 25 years, part of what the White House called a broader plan for “stabilization, reconstruction and democratic transition.”
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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