Trump Touts 'Biggest Oil Deal' as US-Venezuela Partnership Takes Shape

A deal between the US and Venezuela, brokered by the Trump administration, has been finalized. The agreement grants North American Blue Energy Partners (NABEP) access to 17 oil fields in Venezuela for a century. These fields hold about 65 billion barrels of proven reserves.

The deal gives NABEP operational control over the project, but US energy officials acknowledge that it will take years for this to make a difference in the US energy supply. Energy Secretary Chris Wright said that additional operators will be needed to meet the scale of the operation.

As part of the agreement, the Department of Defense's Office of Strategic Capital has been granted a 35% equity stake in the joint venture. The State Department also gains the right to purchase 20% of the oil at cost and the right of first refusal for the remaining 80%. Trump has called this deal 'the biggest oil deal, by far, in World history!'

However, analysts have raised concerns about the viability of this deal under future Venezuelan leadership. Interim President Delcy Rodríguez emphasized that Venezuela retains ownership and sovereignty over its resources.