US in Talks With Venezuela to Take Major Stake in Oil Fields

Live updates

1. 1h ago

   US Secures Majority Stake in 17 Venezuelan Oil Fields via NABEP

   The United States has established a joint venture with Venezuela to develop 17 untapped oil fields through a new company, North American Blue Energy Partners (NABEP). The deal grants the US majority ownership and control of approximately one-fifth of Venezuelan reserves via 100-year leases. The venture targets a production of 1.5 million barrels per day. While the White House claims the agreement will secure low-cost oil and counter Russian and Chinese influence, no formal text of the agreement has been released to the public.

   Why it matters

   The agreement follows years of US sanctions on Venezuela's energy sector. This shift aims to replace Chinese and Russian control of specific fields with American interests. It coincides with a general license issued in July allowing other firms like ONGC Videsh to pursue stuck dividends.

   What is confirmed

   • The US has a majority stake in a joint oil venture with Venezuela.
   • North American Blue Energy Partners (NABEP) will take over oil fields previously controlled by Chinese firms.
   • The agreement includes 100-year leases to 17 oil fields.
   • Venezuela's National Assembly backed the agreement granting the US control of about one-fifth of Venezuelan reserves.

   Still unconfirmed

   • The venture has a production target of 1.5 million barrels per day.
   • Chevron is nearing a deal to operate two Carabobo fields in the Orinoco Belt.
   • Chevron will soon announce an expansion of its Venezuelan operations.
   • ONGC Videsh is in talks for a $500 million dividend payout in cash or oil.

   What to watch next

   • Release of the formal agreement text
   • Confirmation of funding sources for drilling operations
   • Official announcement of Chevron's operational expansion
   Sources used for this update (11)

   1. www.whitehouse.gov — Fact Sheet: President Donald J. Trump Announces Historic Oil Agreement to Secure American Energy Dominance and Drive Venezuela’s Economic Recovery
   2. www.baltimoresun.com — What we know about Trump’s deal giving US access to vast oil reserves in Venezuela
   3. apnews.com — White House working with North American Blue Energy Partners on Venezuela oil deal
   4. seekingalpha.com — Venezuela Will Refill America's Oil Reserves
   5. www.briefs.co — Chevron Nears Deal to Run Two Giant Fields in Venezuela's Orinoco Belt
   6. www.oedigital.com — North American Blue Energy Partners to Take Over Some Venezuelan Oilfields
   7. www.livemint.com — OVL in talks with PDVSA for $500 million dividend payout in cash or oil
   8. english.aawsat.com — US Defends Trump Venezuela Oil Deal as Energy Secretary Lands in Caracas
   9. www.aol.com — US firm to take over some Venezuela oilfields previously run by Chinese, Russian firms, officials say
   10. www.courant.com — Oil giant Chevron is expected to announce it will expand operations in Venezuela, US official says
   11. truthout.org — White House Says Venezuela Oil Grab Includes 100-Year Leases to 17 Oil Fields
   confidence 90%
2. 2d ago

   US Secures Majority Ownership in Venezuelan Oil Venture

   President Donald Trump announced an agreement on August 28 giving the United States majority ownership in a joint oil venture with a Venezuelan energy company. Trump described the arrangement as "THE BIGGEST OIL DEAL IN WORLD HISTORY." While the deal grants the US a stake in Venezuela's oil reserves, analysts note it will not immediately lower crude oil or gas prices for consumers. The White House has provided limited details beyond the president's social media announcements.

   Why it matters

   The deal targets assets with 90 billion barrels of proven reserves via a potential 100-year lease. Success depends on investing billions of dollars to repair Venezuela's failing oil infrastructure. High political risk continues to cloud the long-term viability of the venture.

   What is confirmed

   • President Donald Trump announced a deal with Venezuela on August 28.
   • The United States will take majority ownership in a joint oil venture with a Venezuelan energy company.
   • Donald Trump called the agreement "THE BIGGEST OIL DEAL IN WORLD HISTORY."

   Still unconfirmed

   • The deal will not immediately lower prices for crude oil and gas at the pump.
   • Political risk remains a factor for the success of the agreement.

   What to watch next

   • White House release of specific contract terms and lease duration
   • Details on the funding plan for infrastructure upgrades
   • Official confirmation of the 100-year lease period
   Sources used for this update (6)

   1. www.yahoo.com — What we know about Trump's deal giving US access to vast oil reserves in Venezuela
   2. www.cnn.com — Trump found an unusual solution to his Venezuela problem
   3. www.wesh.com — What we know about Trump's deal giving US access to vast oil reserves in Venezuela
   4. www.forbes.com — The U.S. Takes Control Of Venezuelan Oil—Sort Of
   5. www.butlereagle.com — What we know about Trump's deal giving US access to vast oil reserves in Venezuela
   6. www.forbes.com — What U.S.-Venezuela Oil Deal Is — And Is Not — About
   confidence 80%
3. 3d ago

   US in talks to take major stake in Venezuelan oil fields

   The US is negotiating a potential deal to secure a significant stake in Venezuelan oil fields, which could provide long-term access to the country's vast oil reserves. The discussions involve a possible 100-year lease on assets with 90 billion barrels of proven reserves. The deal could require billions of dollars to develop the fields and upgrade Venezuela's deteriorated oil infrastructure.

   Why it matters

   This development is part of the US efforts to consolidate influence over Venezuela's energy infrastructure. The potential deal comes as Venezuela weighs an exit from OPEC after decades of membership. The country's oil industry has been facing challenges due to years of underinvestment and US sanctions.

   What is confirmed

   • The US is in talks with Venezuela to take a major stake in oil fields.
   • The potential deal could involve a 100-year lease on Venezuelan oil fields.
   • The Venezuelan oil fields in question hold 90 billion barrels of proven reserves.
   • The deal could require billions of dollars to develop the fields and upgrade Venezuela's oil infrastructure.

   Still unconfirmed

   • The US Department of Defense is negotiating a major partnership with energy investor Alejandro Betancourt to secure a direct stake in Venezuelan crude reserves.
   • The discussions center on as many as 17 oil fields across Venezuela's primary basins.

   What to watch next

   • The outcome of the US-Venezuela negotiations
   • Any official statements from the US or Venezuelan governments
   • The impact of a potential deal on Venezuela's oil industry and economy
   Sources used for this update (14)

   1. Axios — Scoop: U.S. close to striking "massive" deal for Venezuelan oil fields
   2. Bloomberg.com — US in Talks With Venezuela to Take Major Stake in Oil Fields
   3. Bloomberg.com — Venezuela Weighs OPEC Exit After Decades as It Deepens US Ties
   4. WSJ — Trump Administration in Advanced Talks for Stake in Venezuelan Oil Fields
   5. Reuters — US nears deal to secure long-term access to Venezuela's oil reserves, sources say
   6. Al Jazeera — US nears deal to secure stake in Venezuelan oil fields, insiders say
   7. Reuters — Trump administration discusses taking stake in Venezuela oil, Axios reports
   8. The Independent — US close to reaching a ‘massive’ deal for Venezuela’s oil: report
   9. cryptobriefing.com — Trump administration in talks for US stake in Venezuela oil fields
   10. cryptobriefing.com — US in talks to acquire large stake in Venezuela’s oil fields
   11. finance.yahoo.com — Pentagon Is in Talks With Venezuelan Mogul for Massive Oil Deal
   12. www.usatoday.com — U.S. seeks vast, potentially costly stake in Venezuelan oil industry
   confidence 85%