Trump Secures Majority Control of Venezuelan Oil Reserves in New Deal

Venezuelan Opposition Leader Maria Machado publicly scrutinized the US-Venezuela oil deal on Thursday, calling it worrisome.

The Trump administration announced last week a deal with the Venezuelan government to acquire rights to the country's untapped oil reserves for a century. President Trump claimed the deal secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. The arrangement involves a new Venezuelan oil venture covering 17 fields, with the US government holding a 35% stake in the leading company, North American Blue Energy Partners (NABEP).

The Pentagon's Office of Strategic Capital will assume this ownership. The US also gains the right to buy 20% of production at cost, with the State Department having right of first refusal for the remaining 80%. The deal was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio. NABEP is owned by Alejandro Betancourt, a Venezuelan businessman who has faced investigations for alleged corruption and money laundering.

A US official defended Betancourt, calling him a proven operator. The deal was struck with interim Venezuelan President Delcy Rodríguez, who took power in January after US forces captured then-President Nicolás Maduro. Machado stated Venezuela's natural resources do not belong to an illegitimate regime and that the current government lacks the democratic mandate to negotiate.

Many Venezuelans view the deal as a surrender. The deal is part of a broader US effort to control Venezuela's economic relationships with China and Russia, with US Energy Secretary Chris Wright asserting Beijing will not have claims to revenue. Some analysts are skeptical the projected $100 billion in investment and $209 billion in tax revenue will provide real fiscal relief for Venezuela.