US-Venezuela oil deal

Extracted Attributes

• Agreement Type

  Bilateral energy agreement and long-term oil concession

• Concession Term

  100 years

• Oil Fields Involved

  17 oil fields

• Projected Investment

  $100 billion

• Projected Tax Revenue

  $200 billion to $209 billion for Venezuela

• U.S. Government Stake

  35% equity stake via DoD Office of Strategic Capital; 20% oil purchase right at cost with right of first refusal on remaining 80%

• Proven Reserves Covered

  65 billion barrels of crude oil

• Key Participating Entities

  United States Government, Venezuelan Interim Government, North American Blue Energy Partners (NABEP)

Timeline

• Former Venezuelan President Nicolás Maduro is captured during a U.S. operation, precipitating political transition in Caracas. (Source: Fox Baltimore / ABC7 Chicago)

  2026-01-03

• The U.S. Department of Energy announces the first Venezuelan oil sales worth $500 million under an initial $2 billion framework. (Source: Wikipedia)

  2026-01-14

• Acting President Delcy Rodríguez confirms receipt of the initial $300 million to stabilize national exchange markets and reserves. (Source: Wikipedia)

  2026-01-20

• Vitol delivers 460,000 barrels of naphtha to Venezuela to enable the processing and transport of heavy crude. (Source: Wikipedia)

  2026-01-23

• The U.S. Department of the Treasury issues a general license authorizing exploration and production of oil and gas in Venezuela. (Source: Fox Baltimore)

  2026-02-10

• U.S. Energy Secretary Chris Wright and Interim President Delcy Rodríguez finalize the comprehensive 100-year oil concession deal in Caracas. (Source: BBC / Fox Baltimore)

  2026-02-11

History of the Venezuelan oil industry

Venezuela has the world's largest proven oil reserves at an estimated 304 billion barrels (18% of global reserves) as of 2020. The country was once one of the world's largest exporters of oil. Oil production peaked in the late 1990s and early 2000s. In 2008, crude oil production in Venezuela was the tenth-highest in the world at 2,394,020 barrels per day (380,619 m3/d) and the country was also the eighth-largest net oil exporter in the world. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC).

Web Search Results

• Remarkable US oil deal puzzles analysts

  The signing of a huge US-Venezuela oil deal in Caracas on Wednesday marked the fruition of that plan. The agreement grants a US-led company 100-year concessions over 17 oilfields in Venezuela, amounting to a staggering 65 billion barrels of crude. That equates to more than a fifth of the country's proven oil reserves. Beyond the eye-watering numbers, both sides heralded the deal as good for their respective nations. President Trump called it "the biggest oil deal in world history", while the interim Venezuelan President, Delcy Rodríguez, said the agreement was "historic", and would generate $100bn (£74bn) in investment and more than $200bn in tax revenue. Others profoundly disagreed. [...] There is a logic to the US-Venezuela partnership, Elliott Abrams argued, while Gulf oil supplies are currently so unreliable. But he said the terms are so one-sided they are a "kind of fever dream of what colonialism looks like". The White House has spoken of the deal having "re-established the Monroe Doctrine", an 18th Century principle exerting US power across South America - "purging foreign malign influence from our backyard and ensuring American dominance in our hemisphere is never again questioned". Despite the insistence from both governments that the plan will benefit both Venezuelans and Americans, it is not without pitfalls and clear unanswered questions. [...] Having expropriated some of the oil company's assets in the region, he was in a defiant mood. "We have the reins in our hands and we won't ever let them go again," he said of the state-run oil company's ownership of oilfields, and denounced how previous Washington-friendly governments had turned Venezuela into "a nation of gringos". "It was a theft of our nation but the Bolivarian Revolution has put a stop to it," he thundered to applause from PDVSA employees. Yet it was one of his disciples – his handpicked successor's successor – who has now signed this opaque deal with Washington and praised it as a victory for Venezuela. ## Watch: Why is the US-Venezuela oil deal so controversial? ## Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil

• With US-Venezuela oil deal finalized, questions remain about details

  Venezuelan authorities granted a century of access to 17 oil fields to North American Blue Energy Partners, the second-largest private Venezuelan oil producer. These fields hold a proven reserve of about 65 billion barrels. NABEP has granted the Department of Defense's Office of Strategic Capital a 35% equity stake in the joint venture. Additionally, the State Department will have the right to purchase 20% of the oil at cost and the right of first refusal for the remaining 80%. Trump called it "the biggest oil deal, by far, in World history!" He also acknowledged it will take years before this deal makes a difference in U.S. energy supply. [...] WASHINGTON (TNND) — A deal brokered by the Trump administration that was finalized Wednesday aims to expand American involvement in Venezuelan oil production following the U.S. capture of former leader Nicolás Maduro, but its ultimate impact on American energy prices may not be known until after President Donald Trump leaves office. Venezuelan authorities granted a century of access to 17 oil fields to North American Blue Energy Partners, the second-largest private Venezuelan oil producer. (TNND) [...] GettyImages-2261136690.jpg 3VIEW ALL PHOTOS CARACAS, VENEZUELA - FEBRUARY 11: U.S. Energy Secretary Chris Wright speaks during a joint declaration with Interim President of Venezuela Delcy Rodríguez (not in frame) after a bilateral meeting at Palacio de Miraflores, on February 11, 2026, in Caracas, Venezuela. This is the highest U.S. Government visit to Venezuela after the capture of Nicolas Maduro and his wife Cilia Flores on January 3. The U.S. Treasury Department issued a general license to facilitate the exploration and production of oil and gas in Venezuela on February 10, 2026. (Photo by Jesus Vargas/Getty Images) #### topics: Venezuela US oil deal Nicolás Maduro North American Blue Energy Partners Department of Defense Chris Wright Chevron Gas prices

• United States involvement in the Venezuelan oil industry - Wikipedia

  On January 14, the United States Department of Energy announced that the United States had completed its first sales of Venezuelan oil valued at $500 million as part of a $2 billion deal between the United States and Venezuelan governments. On 20 January, Delcy Rodríguez confirmed having received the first $300 million. She announced the money will go to the exchange market in Venezuela, the national banks and the central bank. On January 23, the first cargo of 460,000 barrels of naphtha by Vitol, necessary to deal with the heavy crude oil, arrived in Venezuela. Before that, cargo was last received in December by Chevron Corporation in an agreement with the United States, as the US blockade had stopped many suppliers.

• Trump says US has reached deal with Venezuela on oil reserves | AP News

  “The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote. Rodríguez’s government in a statement said the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It said the agreement could draw $100 billion in investment into Venezuela’s oil industry and yield over $209 billion in taxes for Caracas. Rodríguez in a posting on Telegram predicted the deal “will have a significant impact on our nation’s revival.” The agreement allows for the United States to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a U.S. official familiar with the contours of the deal. [...] By AAMER MADHANI, COLLIN BINKLEY and REGINA GARCIA CANO Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] Leer en español Comments Share Facebook Copy Link copied Print Email X LinkedIn Bluesky Flipboard Pinterest Reddit WASHINGTON (AP) — President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country’s untapped oil reserves, at cost. Trump in a social media post announcing the agreement said it was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s acting President Delcy Rodríguez.

• What we know about Trump's deal giving US access to vast oil reserves in Venezuela - ABC7 Chicago

  Trump said the agreement announced Friday night would give the United States a stake in Venezuela’s vast oil reserves, a step toward his goal of extracting energy from the country after American forces captured then-President Nicolás Maduro in a middle-of-the-night raid in January and brought him to New York to face federal drug trafficking charges. Venezuela’s acting president, Delcy Rodríguez, described the deal as a step toward economic recovery that will modernize the country’s oil industry. In a televised address to the nation late Saturday, Rodríguez insisted Venezuela's sovereignty is secure and said she wants the country to become a global energy powerhouse. [...] Trump said the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Rodríguez. The deal gives the United States 55% effective output of the new private company, including an ownership stake and rights to buy oil at cost. American purchases of the oil will go toward the U.S. strategic oil reserves along with the military, according to a U.S. official who was not authorized to discuss the matter publicly and spoke on the condition of anonymity. The company would be the second largest corporate holder of proven reserves after Saudi Aramco, according to the official. [...] The administration appears to be trying to find ways to make it easier for the private sector to invest in Venezuela’s industry through the deal, said Bob McNally, who was an energy adviser in former President George W. Bush’s White House. “However, investors will remain cautious even if the terms of the deal, once released, pass legal muster. A future president could withdraw, and Caracas has twice thrown foreign investors out,” McNally said. A statement from Rodríguez said the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It said the agreement could draw $100 billion in investment into Venezuela’s oil industry and yield over $209 billion in taxes for Caracas.