Venezuela's assembly backs oil deal announced with U.S.
The agreement gives Washington rights to buy 20% of the crude at cost and expands private access to 17 oilfields, officials said.
- On Tuesday, Venezuela's National Assembly approved an oil deal with the Trump administration granting private firm North American Blue Energy Partners a 100-year lease for 17 oilfields, securing access to one-fifth of Venezuela's oil reserves.
- The agreement marks a reversal from the ruling party's long-standing hostility toward American energy partnerships; in February 2024, then-Vice President Delcy accused opposition leader Corina Machado of planning to hand resources to Americans.
- Today, Energy Secretary Chris Wright travels to Caracas to sign the agreement, while Chevron simultaneously plans to announce expanded operations in the country, signaling coordinated administration intent.
- Despite the National Assembly's endorsement, oil companies have expressed hesitation about the deal's structure, citing dubious legal underpinnings of American involvement in Venezuela's energy sector.
- Industry sources warn that legal uncertainty surrounding the 17 oilfields could complicate long-term investment goals for NABEP, as analysts suggest American involvement in Venezuela's oil industry may be overstated.
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El Periódico
"We want to see a lot of investment from the United States in Venezuela to increase the opportunities and prosperity of Venezuelans and Americans." US Energy Secretary Chris Wright arrived in exultant Caracas, barely preceded by the parliamentary approval of the bilateral oil agreement that, according to Donald Trump is a "gift" of the South American country of "historical" character. Wright said, the pact will increase "the flow of private capi…
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On Tuesday, the National Assembly of Venezuela, where power has an absolute majority, approved the "historical" agreement on oil with the United States, which will control 17 deposits, an agreement called opaque within civil society.
TVA Nouvelles
24 heuresIn Venezuela, the National Assembly, where power has the majority, but also the army has supported the agreement.
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