US Seals Deal with Venezuela's NABEP, Grants Pentagon Stake in Oil Fields

The White House has revealed new details of President Donald Trump's efforts to tap into Venezuela's oil industry. The US is creating a private joint venture with North American Blue Energy Partners (NABEP), owned by Venezuelan businessman Alejandro Betancourt, which will invest $100bn in new oil infrastructure.

NABEP already operates as the second-largest company in Venezuela, behind Chevron, and has agreed to put up $100bn for investments. The deal will give the Pentagon's Office of Strategic Capital a 35% ownership stake in the company, while the US will also have a right to buy 20% of the output at cost.

The agreement was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio, and grants NABEP 100-year rights over 17 oil fields with proven reserves of 65 billion barrels. Venezuela's acting President Delcy Rodriguez has given the company control over these fields, which were previously owned by Russian or Chinese firms.

The deal has been met with skepticism from analysts who say it will take years to revive production and raise questions about its legality. However, Trump and his aides are pitching it as a chance to develop a new oil giant in the Western Hemisphere.