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The U.S.-Venezuela deal grants North American Blue Energy Partners (NABEP) access to 65 billion barrels of oil reserves across 17 fields for up to 100 years. This is the largest oil concession in modern history, covering nearly 1.5 times the U.S.’s current territorial reserves. The deal aims to bolster U.S. energy dominance in the Americas, countering Chinese and Russian influence over Venezuelan assets.
Major legal risks remain, including potential challenges from Venezuela’s constitution or future governments. The U.S. Energy Secretary Chris Wright officially signed the deal on 2 September, with President Donald Trump calling it the biggest oil deal in world history.
NABEP, with a 35% U.S. Department of War stake, has become the second-largest private oil company globally. The deal aligns with Trump’s 2025 National Security Strategy, which introduces the ‘Trump Corollary to the Monroe Doctrine,’ asserting U.S. dominance in the Americas.
The strategy seeks to exclude non-Hemispheric competitors from strategic assets, with energy security as a core priority. Venezuela’s interim government supports the deal, expecting US$100 billion in investment and US$209 billion in tax revenue over 25 years. However, legal challenges from Venezuela’s constitution or its Supreme Tribunal of Justice could invalidate the concession.
Meanwhile, other international firms like Eni and Chevron have also secured contracts in Venezuela’s oil fields.
