Majority control of Venezuelan oil, Trump says 'we will take it all'

The U.S. government has announced a major energy deal granting control over 17 Venezuelan oil fields to a private company, North American Blue Energy Partners (NABEP). The agreement was signed by U.S. Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, marking what officials describe as the largest oil deal in history. Under the terms of the agreement, NABEP will receive 100-year concessions for these fields, which contain approximately 65 billion barrels of oil, surpassing the roughly 46 billion barrels held within U.S. territory. President Donald Trump emphasized the “unbelievable value” of the resource, stating, “We’re going to take all of it.” The deal includes provisions allowing the U.S. government to purchase 20 percent of the production from NABEP’s current and future oil fields at market price. Additionally, the U.S. Department of Defense holds a 35 percent equity stake in NABEP, valued potentially at more than $100 billion. This stake comes with no direct cost to taxpayers, according to the White House. The agreement also grants the U.S. government a right of first refusal for the remaining 80 percent of production, ensuring long-term strategic access to Venezuelan oil reserves. Under the arrangement, the U.S. retains veto power over the appointment of members of NABEP’s board of directors, while the majority of executives must be U.S. citizens. The deal falls under U.S. law and is subject to oversight by American courts. NABEP has committed to investing up to $100 billion into Venezuela’s oil infrastructure over the next 25 years and to paying around $200 billion in royalties and taxes during that period. Previously, many of Venezuela’s oil fields were managed by Russian and Chinese companies. The U.S. government has framed this agreement as a revival of the Monroe Doctrine, asserting American influence in Latin America. However, some reports suggest tensions among large international oil firms, which have been negotiating their own agreements with Venezuela. These companies, including Exxon and Chevron, claim they are seeking assurances that they will not be associated with NABEP’s leadership, which includes Venezuelan businessman Alejandro Betancourt. Betancourt, who oversees NABEP, has faced scrutiny from both U.S. and European authorities over his past business dealings with the Venezuelan government. Although no formal charges have been filed against him, he denies any wrongdoing. Some major oil companies, such as Exxon and ConocoPhillips, have exited Venezuela since 2007 after the country nationalized their assets. Both companies continue to assert that their legal claims and contractual rights remain unresolved. Analysts warn of political risks, noting that future governments in either Caracas or Washington could challenge the terms of the agreement. NABEP is projected to produce between 170,000 and 200,000 barrels of oil per day, making it the second-largest private operator behind Chevron. Betancourt has praised the agreement, calling Venezuela “blessed with abundant natural resources, hardworking people, and untapped potential,” and claiming the deal will “free this potential to great benefit for both Venezuelans and Americans.”