Venezuela’s interim president grants US startup 100-year rights to more than 17 oil fields.
Published September 1, 2026
The White House has released new details of US President Donald Trump’s bid to gain access to Venezuela’s oil industry, signing a deal that gives the Pentagon a stake in about a fifth of the country’s vast oil reserves.
The United States is forming a private joint venture with North American Blue Energy Partners (NABEP), owned by Venezuelan businessman Alejandro Betancourt, according to a fact sheet released by the Trump administration late Monday. NABEP is already the second-largest operator in Venezuela after Chevron.
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Betancourt said in a statement that Venezuela is “rich in natural resources, hard-working people, and untapped potential,” adding that the deal “will unlock that potential and bring significant benefits to both Venezuelans and Americans.”
Betancourt’s company has agreed to spend $100 billion in new oil infrastructure investments.
The deal will give the Defense Department’s Strategic Capital Office a 35% stake in the company, the White House said. The United States will also be guaranteed the right to purchase 20% of production at cost, coordinated through the State Department.
The deal, which the White House announced will secure “our nation’s energy advantage for the next century,” was signed by Secretary of Defense Pete Hegseth and Secretary of State Marco Rubio.
Venezuela’s acting president, Delcy Rodríguez, has granted the company 100-year rights to 17 oil fields with 65 billion barrels of proven reserves. According to the White House, many of these fields were previously owned by Russian or Chinese companies.
“The majority of the incremental oil fields operated by NABEP were previously controlled or operated by Russian and Chinese companies or the corrupt cronies of former Presidents (Nicolas) Maduro and (Hugo) Chavez,” the White House said.
The comprehensive deal has been met with skepticism from some analysts who say it will take years to restore Venezuela’s production, but Trump and his aides have touted it as an opportunity to create a new oil giant in the Western Hemisphere.
President Trump has been pushing for increased oil production in Venezuela since the January military operation that detained then-President Maduro and his wife on U.S. “narcoterrorism” and drug trafficking charges.
On Monday, President Trump acknowledged that U.S. consumers won’t immediately notice changes in gas prices. Asked about the timeline at the White House, President Trump said “there may be a little bit” of a decline in prices, downplaying analysts’ predictions that it could take years.
“If it’s two years, that’s a short period of time,” he said.
President Trump said the deal would provide a source of funds to replenish America’s strategic oil reserves, which have been depleted as the war with Iran disrupts global oil shipments. He added that Venezuela’s heavy oil will also be used to produce asphalt and other products.
