Pentagon to receive stake in US-Venezuela oil deal
teisipäev, 1. september 2026 11:39
The White House announced on Monday that President Donald Trump's Venezuela oil plan relies on the private company North American Blue Energy Partners (NABEP), in which the U.S. Department of Defense will receive a 35 percent stake.
The Venezuelan government granted NABEP 100-year concessions to operate in 17 oil fields. According to the White House, these fields contain approximately 65 billion barrels of oil, or roughly one-fifth of Venezuela's proven oil reserves. The U.S. State Department will receive the right to purchase 20 percent of NABEP's production at cost and a right of first refusal for the remainder, reported CBS News.
NABEP, led by Venezuelan entrepreneur Alejandro Betancourt, describes itself as Venezuela's second-largest private oil producer and says it pumps over 200,000 barrels per day. The company announced it is targeting an increase in daily production to more than one million barrels in the near future. According to government data, the U.S. consumed about 20.6 million barrels of petroleum products per day last year.
Betancourt thanked Trump and Venezuela's interim president Delcy Rodriguez in a statement, saying the deal would benefit both Venezuelans and Americans. Rodriguez called the agreement historic and stated in a weekend speech that the ultimate goal is to produce over 1.5 million barrels per day. She described it as a 25-year agreement and has stated that Venezuela maintains control over its natural resources.
According to the White House, NABEP intends to invest up to $100 billion in Venezuela's new oil infrastructure, and the deal will be executed at no cost to the U.S. taxpayer. Trump has claimed that the plan would bring more oil to the U.S. market, lower energy prices, and help replenish the Strategic Petroleum Reserve. Since the U.S. military removed Nicolás Maduro from power in January, Trump has sought to increase Venezuelan oil production.
Some oil industry experts doubt that the deal will quickly lower fuel prices. According to analysts, it could take years or more than a decade for new Venezuelan oil production to reach the U.S. market and impact prices, as the country's energy infrastructure requires restoration and Venezuelan oil is typically "heavy" and high in sulfur. The plan has also faced criticism from politicians. Rodriguez's opponents have called it an asset grab, and Democratic Senator Jack Reed called the Pentagon's involvement a gross abuse of power and taxpayer money.
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