Venezuela Approves 100-Year Oil Deal Granting US Long-Term Influence
Venezuela has approved a historic oil deal that grants the United States long-term influence over its vast crude reserves. The agreement, which was voted on by the National Assembly on September 1st, gives US private company North American Blue Energy Partners (NABEP) 100-year development and operating rights over 17 oilfields.
The fields in question hold an estimated 65 billion barrels of proven reserves, roughly a fifth of Venezuela's total oil reserves. This is more than the 46 billion barrels of proven reserves within US territory cited by the White House.
Under the agreement, the Pentagon's Office of Strategic Capital will hold a 35% equity stake in NABEP's corporate parent, while the US Department of State will have the right to purchase 20% of production from all fields at production cost. The US also has the right of first refusal over the remaining 80% of output and can veto appointments to NABEP's board of directors.
The deal is seen as a significant expansion of US-Venezuela energy ties, extending beyond access to resources into a broader strategic partnership. It also marks a shift in Washington's influence over Venezuela's political and economic landscape since the capture of former President Nicolás Maduro in January.