US-Venezuela Oil Deal Grants Access to 17 Fields

The Trump administration has finalized a deal that grants American company North American Blue Energy Partners (NABEP) access to 17 Venezuelan oil fields for a century. The agreement, which was brokered by the US government, allows NABEP to develop these fields, which hold a proven reserve of about 65 billion barrels.

NABEP has granted the Department of Defense's Office of Strategic Capital a 35% equity stake in the joint venture. Additionally, the State Department will have the right to purchase 20% of the oil at cost and the right of first refusal for the remaining 80%. This deal is expected to require about $100 billion in capital investment.

Energy Secretary Chris Wright said that NABEP will have operational control, but additional operators will need to be brought in to meet the scale of the operation. He also noted that this deal is separate from the US diplomatic efforts to advance democracy in Venezuela after Maduro's ouster.

However, analysts have raised concerns about the viability of this deal under future Venezuelan leadership, especially if public sentiment sours on the deal. Trump said he didn't think Venezuela was ready for an election yet.