Note: Single-source report; awaiting corroboration.
President Donald J. Trump announced an oil agreement granting the U.S. majority control over 65 billion barrels of proven oil reserves in Venezuela, significantly increasing U.S. proven reserves from about 46 billion barrels. The agreement, described as the largest oil deal in history, incurs no cost to the United States Treasury. It was signed by Secretary of State Marco Rubio and Secretary of War Pete Hegseth.
Under the agreement, Venezuelan interim authorities have granted North American Blue Energy Partners (NABEP), a private Venezuelan oil producer, 100-year concessions for 17 oil fields with estimated proven reserves of 65 billion barrels. NABEP granted the U.S. Department of War’s Office of Strategic Capital a 35% equity stake in its parent company, representing significant value and potential dividends for the U.S. government.
The U.S. Department of State holds rights to purchase 20% of all oil produced by NABEP at production cost, ensuring a guaranteed supply of low-cost oil. This could help refill the Strategic Petroleum Reserve and provide resources for military and sensitive uses. The Department of State also has first refusal rights for the remaining 80% of production, securing a reliable energy source in the Western Hemisphere during emergencies.
The U.S. government has veto power over any NABEP board appointment, with a requirement that a majority of board members are U.S. citizens. The company will retain reputable U.S.-based auditors, lawyers, and advisors. The agreement is governed by U.S. law and subject to U.S. courts' jurisdiction.
The deal involves transporting millions of barrels of Venezuelan oil to U.S. refineries and utilizing American rigs and infrastructure, supporting U.S. investments and creating thousands of domestic jobs. The agreement aligns with the Trump Administration’s plan to stabilize and promote democratic transition in Venezuela’s energy sector.