Pentagon in Talks With Venezuelan Mogul for Massive Oil Deal

Live updates

1. 13d ago

   Chevron Expands Venezuelan Operations Following Pentagon Oil Deal

   Chevron is expanding its operations in Venezuela following an August 28 announcement by President Donald Trump regarding a deal to develop the country's oil reserves. The White House is partnering with North American Blue Energy Partners to secure a Pentagon stake in these reserves and profits. While the agreement aims for long-term control of Venezuelan oil, it will not immediately lower crude oil or gas prices for consumers. The U.S. government is pursuing a majority stake in untapped reserves through this partnership.

   Why it matters

   The U.S. is seeking control of 65 billion barrels of Venezuelan oil via a potential 100-year lease. This strategy utilizes the Department of Defense and energy investor Alejandro Betancourt to manage the reserves. The deal marks a shift in U.S. energy security and corporate allocation.

   What is confirmed

   • President Donald Trump announced a deal on August 28 to develop Venezuelan oil reserves and provide the Pentagon a stake in the profits.
   • The White House is partnering with North American Blue Energy Partners for the Venezuela oil deal.
   • Chevron is expanding its operations in Venezuela.

   Still unconfirmed

   • The U.S. has entered a sweeping agreement to take control of 65 billion barrels of Venezuelan oil reserves via a 100-year lease.
   • The deal will not immediately lower crude oil and gas prices at the pump.

   What to watch next

   • Release of the formal agreement text
   • Disclosure of drilling timelines and funding sources
   • Official announcement of other corporations allocated to the oilfields
   Sources used for this update (5)

   1. www.forbes.com — What U.S.-Venezuela Oil Deal Is — And Is Not — About
   2. apnews.com — White House working with North American Blue Energy Partners on Venezuela oil deal
   3. www.bostonherald.com — What we know about Trump’s deal giving US access to vast oil reserves in Venezuela
   4. apnews.com — Oil giant Chevron is expected to announce it will expand operations in Venezuela, US official says
   5. apnews.com — US oil giant Chevron confirms it will expand operations in Venezuela
   confidence 80%
2. 17d ago

   Trump Announces Sweeping Deal for Control of Venezuelan Oil Reserves

   President Donald Trump says the U.S. has entered a sweeping agreement to take control of 65 billion barrels of Venezuelan oil reserves. The deal may grant Washington a 100-year lease over oilfields to be allocated to selected corporations. The U.S. government is pursuing this stake through a potential partnership between the Department of Defense and Alejandro Betancourt, an energy investor acting as a middleman. This arrangement would give U.S. interests majority control of a significant portion of the country's untapped reserves at cost.

   Why it matters

   This move comes as oil markets face 2026 supply disruptions and Strategic Petroleum Reserve levels hit multi-decade lows. Venezuela is weighing an exit from OPEC as it deepens ties with the U.S. to secure its energy industry.

   What is confirmed

   • President Donald Trump stated the U.S. has entered a deal to take control of 65 billion barrels of Venezuelan oil reserves.
   • The U.S. government is pursuing a stake in Venezuelan oil reserves via a partnership between the Department of Defense and investor Alejandro Betancourt.
   • Venezuela is considering exiting OPEC as it increases ties with the U.S.

   Still unconfirmed

   • Chevron is in talks to expand its operations in Venezuela.

   What to watch next

   • Confirmation of the specific corporate allocations for the oilfield leases
   • Official announcement of Venezuela's status within OPEC
   • Verification of the Department of Defense's equity percentage in the venture
   Sources used for this update (17)

   1. Axios — Scoop: U.S. close to striking "massive" deal for Venezuelan oil fields
   2. Bloomberg.com — Venezuela Weighs OPEC Exit After Decades as It Deepens US Ties
   3. The Washington Post — Trump seeks vast, potentially costly U.S. stake in Venezuelan oil industry
   4. The New York Times — Oil Giant Chevron Is Said to Be in Talks to Expand in Venezuela
   5. finance.yahoo.com — Pentagon Is in Talks With Venezuelan Mogul for Massive Oil Deal
   6. Bloomberg.com — Pentagon Is in Talks With Venezuelan Mogul for Massive Oil Deal
   7. AP News — Trump says US has entered deal with Venezuela to take control of 65 billion barrels of oil reserves
   8. CNN — Trump says US reaches deal with Venezuela to control 65 billion barrels of country’s oil reserves
   9. The New York Times — Trump Administration Live Updates: President Says U.S. To Take Control of Big Portion of Venezuelan Oil
   10. BBC — US and Venezuela reach 'historic' oil deal, Trump says
   11. CBS News — Trump says U.S. now has majority control of over 60 billion barrels of Venezuelan oil reserves
   12. apnews.com — Trump says US has entered deal with Venezuela to take control of 65 billion barrels of oil reserves
   confidence 80%