US Secures 100-Year Control of Key Venezuelan Oil Fields in Historic Deal

For years, the United States and Venezuela had a tense relationship, especially over oil. Venezuela holds some of the world's largest crude reserves, but US sanctions and political standoffs kept American companies out. The situation changed dramatically following the ouster of Nicolás Maduro as president, as reported by HVG. This political shift opened the door to new negotiations between Caracas and Washington.

President Donald Trump's administration saw an opportunity to secure energy resources and influence the region. Talks intensified through 2026, with both sides aiming to address Venezuela's economic crisis and America's interest in stable oil supplies. The groundwork was laid for a deal that would not only grant access to oil but also reshape the balance of power within OPEC and the global oil market.

On September 1, 2026, President Trump announced what he called the "biggest oil deal in history." According to Bloomberg, the agreement gives the US control over more than 65 billion barrels of Venezuelan crude, representing about a fifth of the country's reserves. The key player is North American Blue Energy Partners (NABEP), a US-Venezuelan joint venture led by businessman Alejandro Betancourt.

The White House confirmed that NABEP received 100-year concessions for 17 oil fields, with the deal expected to be worth hundreds of billions of dollars for the US, CNBC International reported. In exchange, Venezuela will receive $200 billion in royalties and taxes over the first 25 years, according to Mint.

The deal's details quickly drew scrutiny. Analysts cited by the Financial Times warned that the agreement may not attract enough investment and could further destabilize Venezuela's interim government. The Conversation and CNN noted skepticism about whether the deal would actually lower US fuel prices or quickly boost production.

Public reaction in Venezuela has been mixed, with some anger over foreign control and others hoping for economic relief. The BBC highlighted that elite US troops supported the removal of Maduro, which paved the way for these sweeping oil concessions. Meanwhile, international outlets like Al Jazeera and Anadolu Ajansı confirmed that the US would hold a controlling stake in the reserves through the new private company structure.

As of early September 2026, the agreement is signed and US Energy Secretary Chris Wright has traveled to Caracas for the official ceremony, as reported by France24. The US now holds majority control over 17 major oil fields and roughly one-fifth of Venezuela's reserves, with NABEP operating as the main vehicle for this partnership. Chevron, the largest foreign operator in Venezuela, has also pledged to double its production and invest $7 billion, further cementing US influence in the country's energy sector.

Despite the historic scale of the deal, industry experts told outlets like the Washington Post and NPR that it will take years before increased oil production reaches American consumers. Political risks, questions about long-term investment, and the controversial involvement of Alejandro Betancourt remain unresolved.

Chevron's expansion and the rollout of NABEP's operations will be closely monitored in the coming months. The actual impact on US gas prices and Venezuela's economy is uncertain, and observers are watching for potential backlash within Venezuela. US officials are defending the deal as a strategic win, but skepticism remains high among analysts and the Venezuelan public.