- US Energy Secretary Chris Wright is set to travel to Venezuela after the country approved a deal that will see the US seize effective control of a large portion of its oil reserves.
- The deal is slated to give the US access to 65 billion barrels of proven oil reserves in Venezuela, about one-fifth of the country’s total, and the US is expected to partner with a private company to extract fuel from 17 large Venezuelan oil fields under a 100-year lease.
- The National Assembly, led by Jorge Rodriguez, voted to back the measure on Tuesday.
- The 65-billion-barrel oil deal was announced on August 27 in a post on Trump’s Truth Social platform, and the Trump administration has exercised increasing influence over Venezuela’s government since launching a January 3 military operation to abduct and imprison Venezuelan President Nicolas Maduro.
- Some opposition lawmakers abstained from the vote and denounced the fact that the terms of the agreement have yet to be published, with lawmaker Luis Emilio Rondon calling for the full text of what has been agreed.
US Energy Secretary Chris Wright is scheduled to travel to Venezuela on Tuesday, following the approval of a controversial deal that grants the US effective control over 65 billion barrels of oil reserves, approximately one-fifth of Venezuela's total reserves.12
The agreement, supported by the interim government of Venezuelan President, aims to enhance the US's energy security and reduce reliance on foreign oil, particularly from nations like China and Russia.
“First and foremost, it furthers the national interest of the United States,” an anonymous US official stated, emphasizing the importance of “to buy oil at cost reliably.”
The deal involves a partnership with North American Blue Energy Partners (NABEP), led by a former ally of Hugo Chavez, and is expected to last for 100 years.
The US Defense Department will hold a 35 percent stake in the new company, while the State Department will have the right to purchase 20 percent of the oil produced at cost.
Despite the government's support, there has been pushback within the Venezuelan National Assembly, with some lawmakers demanding transparency regarding the agreement's terms.3
“We need and are obliged to know what is written in the fine print,” said lawmaker Luis Emilio Rondon, highlighting concerns over the lack of published details.5
The deal was initially announced on August 27 via President Trump's Truth Social platform, marking a significant shift in US-Venezuela relations amid ongoing geopolitical challenges.4
“The deal grants the US access to 65 billion barrels of proven oil reserves, about one-fifth of Venezuela's total, under a 100-year lease. The White House confirmed a partnership with NABEP, with the US Defence Department taking a 35% stake and the State Department rights to buy 20% of oil at cost.”
