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White House fills in some details of Venezuela oil agreement

AP News • September 1, 2026 • nation

Key Points:

The White House announced a partnership with North American Blue Energy Partners (NABEP) to develop Venezuela’s oil industry, granting the Pentagon a 35% stake in a company controlling about 20% of Venezuela’s oil reserves.
NABEP, owned by Venezuelan businessman Alejandro Betancourt, received 100-year rights to 17 oil fields with 65 billion barrels of proven reserves, many previously controlled by Russian or Chinese firms.
The U.S. government will have veto power over the company’s board and rights to purchase 20% of the oil output at cost, with the deal overseen by U.S. law and courts.
Analysts and lawmakers expressed skepticism and concern over the political risks and legality of the deal, noting it could take years to revive Venezuela’s oil sector and questioning the military’s involvement in a private venture.
President Trump acknowledged the deal won’t immediately lower U.S. gas prices but emphasized its long-term potential to boost production, refill strategic reserves, and reduce reliance on foreign oil amid rising fuel costs.

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