White House Releases Details on US–Venezuela Historic Oil Deal

The refinery El Palito in Puerto Cabello, Carabobo state, Venezuela on Jan. 22, 2026. Ronaldo Schemidt/AFP via Getty Images

The White House released details on Aug. 31 about an agreement that would give the United States access to 65 billion barrels of Venezuela’s oil reserves.

Under the deal, Venezuela’s interim government would grant North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields holding roughly 65 billion barrels in proven reserves, according to a White House fact sheet.

NABEP is a privately held oil company and Venezuela’s second-largest private oil producer.

The deal was brokered by Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and interim Venezuelan President Delcy Rodriguez through a partnership with private businesses, according to an Aug. 28 post by President Donald Trump.

As part of the agreement, NABEP would grant the Pentagon’s Office of Strategic Capital a 35 percent equity stake in its corporate parent, and the U.S. State Department will have the right to buy 20 percent of the output from all current and future fields operated by NABEP at production cost.

The company also granted the State Department the right of first refusal to purchase the remaining 80 percent of its production, the White House said.

“NABEP has developed an ambitious plan to rapidly scale production by investing up to $100 billion in new oil infrastructure in Venezuela, helping to drive economic growth, support thousands of high-paying jobs in Venezuela, and lead to tens of billions in broader economic activity,” it stated.

This is a developing story that will be updated.

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