Trump Secures Majority Control of 65 Billion Barrels of Venezuelan Oil

President Donald Trump announced a landmark energy agreement on August 28, 2026, granting the United States majority control over more than 65 billion barrels of proven oil reserves in Venezuela. Described as the "biggest oil deal in world history," the pact follows the January capture of former President Nicolás Maduro by U.S. forces. The deal establishes a joint venture with North American Blue Energy Partners (NABEP), a private firm led by Alejandro Betancourt López, which received 100-year concessions for 17 strategic oil fields primarily in the Orinoco Belt and Lake Maracaibo.

Under the terms, the U.S. Department of Defense's Office of Strategic Capital holds a 35% equity stake in NABEP's parent company, structured via penny warrants to avoid taxpayer funding. The U.S. government secures a 55% effective output stake, including preferential rights to purchase 20% of production at cost to replenish the Strategic Petroleum Reserve. Interim President Delcy Rodríguez stated the project would attract $100 billion in private investment and generate over $209 billion in tax revenue for Venezuela.

Parallel to the government stake, Chevron Corp. committed $7 billion to double its production to 600,000 barrels per day by 2031. Other firms, including Eni and GE Vernova, signed agreements to develop oil fields and repair the national power grid. The administration frames the move as a restoration of the Monroe Doctrine to displace Russian and Chinese influence in the Western Hemisphere.

Critics, including U.S. Democratic lawmakers and Venezuelan opposition leader María Corina Machado, have condemned the deal as an "asset grab" and a violation of sovereignty. Energy analysts warn that dilapidated infrastructure means significant production increases could take five to 15 years, offering no immediate relief for U.S. gasoline prices.