US-Venezuela Deal Gives NABEP Access to Billion-Barrel Oil Fields

A deal between the US and Venezuela has been finalized, giving North American Blue Energy Partners (NABEP) access to 17 oil fields for a century. These fields hold about 65 billion barrels of proven reserves.

NABEP will have operational control over the project, but it's expected that additional operators will be brought in to meet its scale, requiring around $100 billion in capital investment. The US Department of Defense's Office of Strategic Capital has been granted a 35% equity stake in the joint venture.

The deal also gives the State Department the right to purchase 20% of the oil at cost and first refusal for the remaining 80%. Energy Secretary Chris Wright acknowledged it will take years before this deal makes a difference in US energy supply, with Trump stating 'two years, three years' as a possible timeline.

However, analysts have raised concerns about the viability of this deal under future Venezuelan leadership. Interim President Delcy Rodríguez emphasized that Venezuela retains ownership and sovereignty over its resources.