Live Feeds
● LIVE Updated 1h ago · 13 sources tracked

Pentagon Is in Talks With Venezuelan Mogul for Massive Oil Deal

The White House is partnering with North American Blue Energy Partners to give the Pentagon a stake in Venezuela's oil reserves. President Trump stated this private business partnership secures billions of barrels of oil. Simultaneously, Chevron confirmed it will invest over $7 billion during the next five years to double its production to approximately 600,000 barrels a day. Bank of America describes the U.S. move to control these reserves as a major policy shift with unclear effects on Venezuela's defaulted debt.

RSS Source map (13)

What changed

The government identified North American Blue Energy Partners as the partner and Chevron confirmed a $7 billion investment plan.

Live updates

  1. White House Partners With North American Blue Energy Partners for Venezuela Oil

    The White House is partnering with North American Blue Energy Partners to give the Pentagon a stake in Venezuela's oil reserves. President Trump stated this private business partnership secures billions of barrels of oil. Simultaneously, Chevron confirmed it will invest over $7 billion during the next five years to double its production to approximately 600,000 barrels a day. Bank of America describes the U.S. move to control these reserves as a major policy shift with unclear effects on Venezuela's defaulted debt.

    Why it matters

    The U.S. previously announced an agreement on August 28 to take majority ownership in a joint Venezuelan oil venture. This strategy aims to secure vast resources despite analyst warnings that it will not immediately lower consumer energy prices.

    What is confirmed

    • The White House is partnering with North American Blue Energy Partners to give the Pentagon a stake in Venezuela's oil reserves.
    • Chevron will invest more than $7 billion over the next five years to increase production to about 600,000 barrels a day.
    • President Trump stated the agreement secures billions of barrels of oil reserves through a partnership with private business.

    Still unconfirmed

    • The U.S. move to control Venezuelan oil reserves has ambiguous implications for the country's defaulted debt.

    What to watch next

    • Release of the official agreement text
    • Details on funding sources and drilling timelines
    Sources used for this update (5)
    1. apnews.com — White House working with North American Blue Energy Partners on Venezuela oil deal
    2. apnews.com — Oil giant Chevron is expected to announce it will expand operations in Venezuela, US official says
    3. www.inquirer.com — How the Pentagon is getting into the Venezuelan oil business under Trump
    4. www.nbcnews.com — U.S. oil giant Chevron confirms it will expand operations in Venezuela
    5. finance.yahoo.com — U.S. policy shift on Venezuelan oil raises stakes for production and debt: BofA
    confidence 90%

  2. U.S. Takes Majority Ownership in Venezuelan Oil Venture

    The United States has entered an agreement to take majority ownership in a joint oil venture with a Venezuelan energy company. Announced on August 28, the deal grants the U.S. a stake in Venezuela's oil reserves. While the administration claims the move secures vast resources, analysts note the agreement will not immediately lower crude oil or gas prices for consumers. The government has not yet released the text of the agreement, leaving the funding sources and drilling timelines unknown.

    Why it matters

    President Donald Trump previously claimed the deal provides access to 65 billion barrels of untapped oil through a 100-year lease. The arrangement involves the Department of Defense and energy investor Alejandro Betancourt. This shift represents a significant change in U.S. strategy toward Venezuelan energy reserves.

    What is confirmed

    • The U.S. entered a deal for a stake in Venezuela's oil reserves.
    • The agreement was announced on August 28.

    Still unconfirmed

    • The U.S. will take majority ownership in a joint oil venture with a Venezuelan energy company.
    • The deal will not immediately lower crude oil and gas prices at the pump.
    • No text of the agreement has been released.
    • Funding sources and drilling timelines remain unclear.

    What to watch next

    • Release of the official agreement text
    • Identification of the specific Venezuelan energy company involved
    • Confirmation of the funding mechanism for drilling operations
    Sources used for this update (4)
    1. apnews.com — What we know about Trump’s deal giving US access to vast oil reserves in Venezuela
    2. www.pbs.org — What we know about Trump's deal giving U.S. access to vast oil reserves in Venezuela
    3. finance.yahoo.com — Trump found an unusual solution to his Venezuela problem
    4. www.forbes.com — What U.S.-Venezuela Oil Deal Is — And Is Not — About
    confidence 70%

  3. Pentagon Negotiates Massive Stake in Venezuelan Oil Reserves

    The U.S. government is pursuing a major stake in Venezuelan oil reserves through a potential partnership between the Department of Defense and Alejandro Betancourt, an energy investor acting as a middleman. President Donald Trump claims the administration has entered a sweeping agreement to gain access to 65 billion barrels of untapped oil reserves at cost. This deal would potentially involve a 100-year lease of oilfields to be allocated to selected corporations. While the U.S. seeks this vast stake, reports of the move have sparked anger.

    Why it matters

    Venezuela holds some of the world's largest oil reserves, making any U.S. control a significant shift in global energy security. The involvement of the Pentagon and a private middleman suggests a non-traditional diplomatic and economic approach to the region.

    What is confirmed

    • The U.S. government is seeking a major stake in Venezuelan oil reserves via the Department of Defense and investor Alejandro Betancourt.
    • President Donald Trump stated the U.S. has entered a deal for access to 65 billion barrels of untapped oil reserves at cost.

    Still unconfirmed

    • The agreement involves a 100-year lease of Venezuelan oilfields to be allocated to hand-picked corporations.
    • Chevron is set to complete a deal to migrate and expand oil projects in Venezuela.

    What to watch next

    • Official confirmation of the lease duration and corporate allocation list
    • Response from the Venezuelan government regarding the 65 billion barrel claim
    • Formal announcement of the partnership terms between the Pentagon and Alejandro Betancourt
    Sources used for this update (9)
    1. Axios — Scoop: U.S. close to striking "massive" deal for Venezuelan oil fields
    2. The Washington Post — Trump seeks vast, potentially costly U.S. stake in Venezuelan oil industry
    3. The Guardian — Reports that US wants big stake in Venezuelan oil and gas spark anger
    4. finance.yahoo.com — Pentagon Is in Talks With Venezuelan Mogul for Massive Oil Deal
    5. Bloomberg.com — Pentagon Is in Talks With Venezuelan Mogul for Massive Oil Deal
    6. Reuters — Chevron to complete deal in Venezuela to migrate, expand oil projects, sources say
    7. apnews.com — Trump says US has entered deal with Venezuela to take control of 65 billion barrels of oil reserves
    8. venezuelanalysis.com — [UPDATED] Trump Announces ‘Biggest Oil Deal in History’ with Venezuela’s Rodríguez
    9. www.union-bulletin.com — US set to take control of major portion of Venezuelan oil wealth
    confidence 80%