Trump Administration Announces Massive Venezuela Oil Deal with North American Blue Energy Partners

The White House has released more details about its plan to tap into Venezuela's oil industry. The partnership, which was announced by President Donald Trump last week, will give the Pentagon a stake in roughly a fifth of the country's vast oil reserves.

The deal involves North American Blue Energy Partners (NABEP), owned by Venezuelan businessman Alejandro Betancourt, who has agreed to put up $100 billion in new oil infrastructure investments. The company will have 100-year rights over 17 oil fields with proven reserves of 65 billion barrels, which were previously owned by Russian or Chinese firms.

The U.S. government will have a 35% ownership stake in the company through the Pentagon's Office of Strategic Capital and will also be guaranteed a right to purchase 20% of the output at cost, orchestrated through the State Department. The deal was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio.

Trump has been pushing to boost oil production in Venezuela since the January military mission that captured then-President Nicolás Maduro on federal narcoterrorism and drug trafficking charges. The White House claims the deal will be 'at zero cost' to the U.S. and said the government would have veto power on board members, who would be mostly U.S. citizens.