Washington’s Venezuela Oil Deal Is About Much More Than Crude
Washington’s takeover of more than a fifth of Venezuela’s oil reserves in a deal officially signed by U.S. Energy Secretary Chris Wright on 2 September was as unexpected as it was dramatic, with President Donald Trump’s comment a few days earlier that it is “the biggest oil deal in world history” looking justified from several perspectives. From a pure volume standpoint, the deal covers 65…
The United States' $21 billion deal to take control of 65 billion barrels of Venezuela's proven crude oil reserves in a 100-year concession marks a significant shift in the global energy landscape, according to recent wire material. This unprecedented move, signed by U.S. Energy Secretary Chris Wright on September 2, dwarfs the typical 20-30 year span of modern oil concessions and positions the private entity North American Blue Energy Partners (NABEP) as the second-largest private oil company by reserves worldwide.
The U.S. Department of War holds a substantial 35% stake in NABEP. President Donald Trump's 2025 National Security Strategy reaffirms the country's commitment to maintaining dominance in the Americas, with the new deal aimed at purging "malign foreign actors" from the region. The arrangement includes various safeguards for the U.S., such as veto power over NABEP's board of directors and a guarantee to purchase 20% of the pumped crude at cost, with a right of first refusal for the remaining 80%.
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