US Secures Vast Venezuela Oil Deal with Preferential Access

The United States and Venezuela have signed an agreement that gives America extraordinary economic and strategic rights over 17 Venezuelan oilfields, containing approximately 65 billion barrels of recoverable oil.

The deal was negotiated without a competitive bidding process by an unelected interim government, and the complete contracts have not been released. According to the terms disclosed by Washington, NABEP receives concessions covering 17 fields, and the U.S. obtains access to 20% of production at cost. The oil could potentially supply Gulf Coast refineries, military requirements, or the Strategic Petroleum Reserve.

Venezuela's interim government projects that the arrangement could attract more than US$100 billion in investment and eventually generate approximately US$209 billion in royalties and taxes. If realized, Venezuela could benefit from rehabilitated fields, pipelines, power systems, and export facilities, as well as thousands of direct and indirect jobs.