US Secures 65 Billion Barrel Oil Stake in Venezuela

The White House has revealed more details about President Donald Trump's plan to tap into Venezuela's oil industry, which he claims will be 'at zero cost' to the US.

The deal involves a joint venture with North American Blue Energy Partners (NABEP), a company owned by Venezuelan businessman Alejandro Betancourt. NABEP has agreed to put up $100 billion in new oil infrastructure investments and will have 100-year rights over 17 oil fields with proven reserves of 65 billion barrels.

The US will take a 35% ownership stake in the company through the Pentagon's Office of Strategic Capital, and will also be guaranteed a right to purchase 20% of the output at cost. The deal was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio.

Trump has been pushing to boost oil production in Venezuela since the January military mission that captured then-President Nicolás Maduro on federal narcoterrorism and drug trafficking charges. He claims the deal will reduce gas prices, but acknowledged it may take some time for Americans to see a change.