The Trump administration says the U.S. government will receive a 35% equity stake and broad governance rights in the parent of a private Venezuelan oil producer under an agreement covering 17 fields with about 65 billion barrels of proven reserves.
The White House said North American Blue Energy Partners, or NABEP, received 100-year concessions from Venezuela's interim authorities and will give the United States preferential access to oil from current and future fields.
Agreement gives U.S. equity and purchasing rights
The administration said the Department of War's Office of Strategic Capital will receive the 35% stake at no cost to taxpayers. The White House estimated the holding could represent hundreds of billions of dollars in value and dividends, though its fact sheet did not provide an independent valuation.
The State Department will have the right to buy 20% of NABEP's production at production cost. The administration said that oil could help refill the Strategic Petroleum Reserve and supply military or other sensitive uses.
The department will also hold a right of first refusal on the remaining 80% of production. The U.S. government will have veto power over board appointments, a majority of directors must be U.S. citizens, and NABEP will use U.S. auditors, lawyers and advisers.
The agreement will be governed by U.S. law and subject to U.S. courts, according to the White House. Secretary of State Marco Rubio and Secretary of War Pete Hegseth signed the deal for the administration.
The White House said Venezuelan output would be processed through U.S. refineries and supported by American rigs and infrastructure, generating U.S. investment and jobs. The fact sheet did not specify a production schedule.
Company plans up to $100 billion in investment
NABEP plans to invest as much as $100 billion in Venezuelan oil infrastructure to expand production, according to the administration. Venezuela's fields have suffered years of underinvestment, and many are inactive or producing below capacity.
The concessions operate under a new Venezuelan hydrocarbons law backed by the United States. The administration projects NABEP will pay about $200 billion in royalties and taxes during the first 25 years as production grows.
The White House said governance, auditing, banking reform and payment monitoring are intended to ensure revenue supports Venezuelan reconstruction and social development. Those outcomes will depend on implementation of the investment and oversight provisions described in the agreement.
Deal forms part of broader Venezuela policy
The administration characterized the arrangement as part of a three-step plan involving stabilization, reconstruction and democratic transition. It also said the United States is sponsoring reconciliation talks between Venezuela's 2015 National Assembly and interim authorities.
Those talks have led to judiciary changes, the release of hundreds of political prisoners and cooperation on reconstruction after June earthquakes, according to the White House. Additional meetings are planned in September.
The administration said many of the fields covered by NABEP had previously been controlled or operated by Russian and Chinese companies or associates of former Venezuelan leaders. It framed the agreement as a way to replace that influence with U.S.-aligned energy supply chains.
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