Venezuelan interim authorities have granted US-backed North American Blue Energy Partners (NABEP) 100-year concessions to operate 17 oil fields holding about 65 billion barrels of proven reserves, the White House has said.
The agreement gives NABEP, described by the White House as Venezuela’s second-largest private oil producer, access to a significant share of the country’s vast petroleum resources as Washington seeks greater control over Venezuelan energy supplies.
Under the arrangement, NABEP has granted the US Department of War’s Office of Strategic Capital a 35% equity stake in its corporate parent. The White House said the stake could generate “hundreds of billions” of dollars in value and dividends for the United States.
US President Donald Trump announced the agreement with Caracas on Friday, saying it would give the United States majority control over oil resources equivalent to about 20% of Venezuela’s total reserves.
By comparison, the United States had about 46 billion barrels of proven crude oil reserves at the end of 2024, according to official figures.
Under the deal, the US government will have the right to purchase, at production cost, 20% of the oil produced from all current and future fields operated by NABEP.
The White House said the arrangement was partly designed to help replenish the US Strategic Petroleum Reserve.
Washington will also have a right of first refusal over the remaining 80% of NABEP’s production, effectively making the United States the priority buyer for the company’s oil output.
However, analysts have expressed doubts about whether the agreement will significantly increase US energy supplies or lower petrol prices for American consumers in the near term.
Venezuela possesses some of the world’s largest oil reserves, but its production has remained well below its potential following decades of mismanagement, underinvestment and the impact of US sanctions.
The White House said NABEP plans to invest as much as $100 billion in new oil infrastructure in Venezuela to expand production.
In return, the company is expected to make about $200 billion in royalty and tax payments to Venezuelan governments during the first 25 years of the agreement.
Boluwatife Enome
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