The Trump administration on Monday announced a major bilateral energy deal that secures American operational control over an estimated 65 billion barrels of proven oil reserves in Venezuela.
Signed by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, the pact centers on 100-year concessions granted by Venezuelan interim authorities to North American Blue Energy Partners (NABEP), a private energy firm. The 17 oil fields included in the arrangement were previously operated by Venezuelan state partners, including Russian and Chinese state-linked firms.
Under the terms of the agreement, the U.S. Department of War’s Office of Strategic Capital receives a 35% equity stake in NABEP’s corporate parent at no direct cost to U.S. taxpayers.
The U.S. Department of State secured a guaranteed right to purchase 20% of NABEP’s total oil output at production cost to supply military needs and replenish the Strategic Petroleum Reserve. The State Department also retains a right of first refusal for the remaining 80% of production during emergencies.
The framework grants the U.S. government veto power over board appointments, mandates that a majority of the board consist of American citizens, and places the agreement under the jurisdiction of U.S. law and federal courts. NABEP plans to invest up to $100 billion in Venezuelan infrastructure, while processing millions of barrels through refineries and equipment based in the United States.
According to the official announcement, the arrangement operates under Venezuela’s updated hydrocarbons law. The company is projected to pay roughly $200 billion in royalties and tax revenues to Venezuelan authorities over the next 25 years. Financial monitoring mechanisms and banking oversight are attached to track how those funds are distributed.
The White House described the move as part of a broader foreign policy strategy to reassert the Monroe Doctrine and support Venezuelan stabilization following the military campaign dubbed Operation Absolute Resolve. Alongside the energy agreement, U.S.-backed talks between the 2015 National Assembly and interim authorities are set to continue in September, following initial steps that included judicial changes, prisoner releases, and rebuilding efforts after major earthquakes hit the region in June.
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