US Gains Access to Venezuelan Oil Reserves Under New Deal

Venezuela's National Assembly has approved a major oil deal that grants US companies access to a significant portion of the country's reserves.

The agreement would give private oil company North American Blue Energy Partners (NABEP) a 100-year lease for 17 oil fields in Venezuela, holding around 65 billion barrels of oil reserves.

The US will take a 35% equity stake in the corporate parent company and receive a guaranteed 20% of the oil production.

US Energy Secretary Chris Wright is scheduled to travel to Caracas on Wednesday to sign an agreement with a private entity, while other major players like Chevron are expected to expand their operations in the country.