US Seals Century-Long Oil Deal with Venezuela Amid Concerns

A deal brokered by the Trump administration to expand American involvement in Venezuelan oil production has been finalized. The agreement grants North American Blue Energy Partners, the second-largest private Venezuelan oil producer, access to 17 oil fields for a century.

The fields hold a proven reserve of about 65 billion barrels and are expected to require around $100 billion in capital investment. NABEP will have operational control, but additional operators may need to be brought in to meet the scale of the operation.

Venezuelan authorities granted North American Blue Energy Partners access to these fields after former leader Nicolás Maduro was ousted by the US. However, analysts have raised concerns about the deal's viability under future Venezuelan leadership, especially if public sentiment sours on it.

The Trump administration has acknowledged that the deal will take years to make a difference in U.S. energy supply and may not be known until after President Donald Trump leaves office.