U.S. and Venezuela officially sign historic oil agreement covering 65 billion barrels

The United States and Venezuela have officially signed a historic oil agreement covering 17 Venezuelan oil fields with approximately 65 billion barrels in proven reserves.

U.S. Energy Secretary Chris Wright appeared alongside Venezuelan interim President Delcy Rodríguez in Caracas as a series of contracts related to the agreement were signed. The White House has described the deal as the largest oil agreement in history. 

The agreement grants North American Blue Energy Partners (NABEP) 100-year concessions to develop the 17 fields. Under the arrangement announced by the Trump administration, the U.S. government will have majority control of the new private Venezuelan oil venture, along with significant governance and economic rights. 

The agreement is expected to bring major new investment into Venezuela’s oil industry. Energy Secretary Wright said U.S. and international companies are expected to more than double Venezuela’s crude production in the coming years. Chevron, meanwhile, has confirmed plans to expand its operations and invest more than $7 billion in Venezuela over the next five years. 

The deal has also generated controversy, particularly over the length of the concessions and the extent of U.S. control. Venezuelan authorities have said the agreement could generate more than $100 billion in investment and substantial tax revenues for the country. 

The signing marks a major expansion of U.S. involvement in Venezuela’s oil sector and a significant shift in the energy relationship between Washington and Caracas.