ClimatePolitics

Trump promises an oil bonanza in Venezuela, but critics question who will benefit

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 11/11/2026, 15:28:24 UTC.

Briefings

US-backed North American Blue Energy Partners (NABEP) secured control of 17 oil fields in Venezuela's Orinoco Belt, a move described as the 'biggest oil deal in world history.' The agreement grants NABEP operating rights to 65 billion barrels of oil, with the US receiving preferential access to 20% of production. Acting President Delcy Rodríguez claims the deal will net the country over USD 200 billion over 25 years, but critics question the lack of transparency and potential loss of tax revenue. Key challenges include the short productive lifespan of mature fields and the need for significant infrastructure investment to restore the electrical grid, estimated at USD 15-40 billion. The deal was finalized after the US captured former president Nicolás Maduro in January 2026, following the approval of a new Hydrocarbons Law.

Key points

• North American Blue Energy Partners (NABEP) secured control of 17 oil fields in Venezuela's Orinoco Belt, granting it operating rights to 65 billion barrels of oil.
• The agreement includes a third party, the US Office of Strategic Capital, which also holds a stake in the project.

Context

This briefing covers the August 2026 oil deal between the US and Venezuela's interim government, finalized after the US captured former president Nicolás Maduro in January 2026. The deal overturned previous state control regulations, allowing private commercialization of oil fields in the Orinoco Belt.

Limitations

Evidence covers only the initial announcement and immediate reactions. It does not include long-term economic impact data, specific job creation figures, or detailed environmental mitigation plans. Some estimates regarding the lifespan of mature fields and the exact timeline for infrastructure investment remain uncertain.

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