US Expands Venezuela Footprint, Eyes Country's Mineral Resources Amid Oil Deal

The Trump administration is expanding its reach in Venezuela by seeking access to the country's mineral resources. This move comes after the US secured a deal to lead the exploitation of Venezuela's oil reserves.

A report by Reuters states that officials have held meetings with companies to discuss potential interest in critical minerals. The initiative aims to open up the sector to US investments, potentially through an executive order focused on these resources.

The White House has confirmed the deal for oil, granting 100-year concessions for 17 oil fields to North American Blue Energy Partners (NABEP). NABEP is a private oil producer in Venezuela and has given the US Department of War's Office of Strategic Capital an equity stake of 35% in its corporate parent.

NABEP will invest up to $100 billion in new oil infrastructure in Venezuela, generating an expected $200 billion in royalty and tax payments over the first 25 years. The deal is seen as a way for the US to replenish its Strategic Petroleum Reserve, which has been depleted due to the war in Iran.