The US government finalized an agreement on August 28, 2026, granting North American Blue Energy Partners (NABEP) operational rights to 17 oil fields in Venezuela. These fields contain an estimated 65 billion barrels of reserves. The US acquired a 35% equity stake in the parent company of NABEP, the right to purchase 20% of production at cost, and veto power over board appointments.
NABEP currently produces approximately 200,000 barrels per day, with a target to reach 500,000 barrels per day by the end of 2028. Much of the infrastructure in the Lake Maracaibo basin is degraded and requires significant investment in drilling, power grid connections, and pipeline repairs to restore output levels.
The White House estimates the deal could generate $209 billion in revenue for Venezuela. However, discrepancies exist between the two parties: US sources cite a 100-year concession term, while Venezuelan authorities under interim President Delcy Rodriguez reference a 25-year period. Venezuelan estimates for required investment reach $100 billion.
The deal is intended to counter Russian and Chinese influence in the Latin American energy sector. The investment is managed through the Department of War’s Office of Strategic Capital, highlighting that the agreement is driven by national security priorities as much as by commercial interests.
