US, Venezuela Sign Oil Deal Covering 17 Fields as Output Targeted to Double in 10 Years
Updated
Updated · BBC.com · Sep 2
US, Venezuela Sign Oil Deal Covering 17 Fields as Output Targeted to Double in 10 Years
3 articles · Updated · BBC.com · Sep 2
Summary
Caracas formalized a major U.S.-Venezuela energy pact and related agreements with international oil firms, with both governments presenting it as a long-term production and investment push.
Chris Wright said the deal would unlock tens of billions of dollars in investment, create thousands of jobs and double Venezuelan oil output over the next decade.
The agreement follows reports that a U.S.-led company received 100-year concessions over 17 oilfields holding an estimated 65 billion barrels—more than a fifth of Venezuela’s proven reserves.
Critics say the pact effectively gives Washington control over a large share of Venezuelan oil and further entrenches the country’s authoritarian government, underscoring legal and political risks around implementation.
How will a 100-year US-controlled oil pact survive Venezuela's complex creditor claims and constitutional hurdles?
Will the promise of massive investment overcome a decade of infrastructure decay to revive Venezuela's oil empire?
Why is a historic 65-billion-barrel oil deal relying on secret financial routing through Qatar to avoid global creditors?
The 2026 US-Venezuela Oil Deal: 65 Billion Barrels, 100-Year Concession, and the Geopolitical, Legal, and Economic Fallout
Overview
The 2026 US-Venezuela oil deal was triggered by a global oil shock after the U.S.-Iran conflict closed the Strait of Hormuz, causing oil reserves and gasoline supplies to plummet. Facing political pressure and a depleted Strategic Petroleum Reserve, the Trump administration turned to Venezuela, where a U.S.-backed interim government opened its oil sector to American investment. The deal bypassed major U.S. oil companies, partnering instead with a private firm, and required Venezuela to cut ties with China and Russia. Despite promises of economic revival, the agreement faces huge infrastructure deficits, environmental risks, legal uncertainties, and a lack of transparency over oil revenues.