A landmark agreement granting US companies access to 65 billion barrels of Venezuelan crude over a century has been announced, marking a dramatic shift from the resource nationalism that defined the country’s politics for decades. The deal follows the January 3, 2026, removal of President Nicolas Maduro by US special forces and the subsequent appointment of interim President Delcy Rodriguez, who has moved to privatize the energy sector in alignment with Washington’s interests.
Described by President Trump as the “biggest oil deal in world history,” the accord allows US and allied firms to develop fields previously held by Chinese, Russian, Iranian, or North Korean entities. The operational backbone is a new entity, North American Blue Energy Partners (NABEP), in which the US Department of Defense’s Office of Strategic Capital holds a 35 percent stake free of charge. The US also secured rights to purchase 20 percent of production at cost and maintains veto power over the remaining 80 percent to protect its Strategic Petroleum Reserve.
Despite the scale of the reserves involved, the terms remain subject to conflicting interpretations. While the White House cites a 100-year concession, Venezuelan authorities have indicated the agreement may only last 25 years. Furthermore, the actual revenue generated for Venezuela is uncertain; although officials project $200 billion in tax payments from a $100 billion investment, discretionary US clauses make precise calculations impossible.
Obstacles to implementation are significant. Major US oil corporations such as Exxon Mobil and ConocoPhillips have largely stayed away, citing the lack of a legitimate legal framework and stable institutions. Consequently, the burden may fall on smaller independent operators, raising concerns about their capacity to execute large-scale projects. Additionally, the appointment of Alejandro Betancourt to lead NABEP has drawn scrutiny due to his history of corruption allegations involving PDVSA.
The deal is a cornerstone of a broader US hemispheric strategy aimed at reasserting dominance in the Western Hemisphere and excluding rival nations from critical infrastructure. However, it has complicated Venezuela’s political transition. Opposition leader Maria Corina Machado has expressed concern that the agreement was brokered by an unelected interim government, fueling suspicions that the US prefers to prop up Rodriguez rather than facilitate immediate free elections.
As the US continues its three-phase plan for stabilization and reform, the longevity of this oil pact hangs in the balance. Critics warn that a future democratically elected government could repudiate the agreement as unconstitutional, leaving the region’s recovery and sovereignty in a precarious position.
Seems suspicious that the interim government signed this without a popular mandate. Can we really trust a deal brokered by unelected officials?
The legal ambiguity over the term length is a nightmare. If Maduro’s successors repudiate it, all that US investment vanishes overnight.