Venezuela's assembly backs oil deal announced with U.S.
The agreement gives Washington effective control of 17 oilfields and rights to buy 20% of crude at cost, 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.
113 Articles
113 Articles
ledauphine.com
A few days after an oil agreement between the United States and Venezuela, the American Minister of Energy was visiting Caracas. The American multinationals Chevron and GE Vernova as well as the Italian Eni signed contracts to operate new oil fields and increase the production of the Latin American country.
Caracas today signed a series of agreements with US multinationals, supposed to give them access to the country's oil reserves.
Chevron, GE, and Eni sign deals to increase drilling in Venezuela
CARACAS, Venezuela — Five energy companies signed deals with Venezuela to rapidly increase oil and gas drilling, with some new wells expected to start as soon as this week, adding to the Trump administration’s efforts to increase production in the South American country. Representatives with Chevron, Eni, GE Vernova, Primavera, and Aspect Energy all signed […]
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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