Chris Wright Unveils 65 Billion-Barrel Venezuela Oil Deal as US Secures 100-Year Field Leases
Updated
Updated · Al Jazeera English · Sep 1
Chris Wright Unveils 65 Billion-Barrel Venezuela Oil Deal as US Secures 100-Year Field Leases
3 articles · Updated · Al Jazeera English · Sep 1
Summary
Chris Wright is due in Venezuela on Tuesday to present a US-backed oil pact that would give Washington effective control over 65 billion barrels of proven reserves—about one-fifth of the country’s total.
The White House says the deal would let the US buy oil at cost reliably while pulling 17 major fields away from Chinese and Russian influence through a 100-year lease structure.
North American Blue Energy Partners, led by Alejandro Betancourt, would partner in a new company in which the Pentagon holds 35% and the State Department can purchase 20% of output at cost.
Venezuela’s National Assembly approved the treaty, but some opposition lawmakers abstained and demanded the unpublished terms, arguing the full text must be disclosed before backing such a sweeping arrangement.
Chevron is expected to expand separately on Wednesday, underscoring Trump’s broader push to reopen Venezuela’s battered oil sector despite investor skepticism, sanctions fallout and criticism that the pact resembles a colonial-era concession.
Will Venezuela's crumbling infrastructure and constitutional laws block this massive 100-year oil deal before a single barrel reaches the U.S.?
Could securing one-fifth of Venezuela's oil reserves trigger a new geopolitical standoff with China and Russia in South America?
How can extra-heavy Venezuelan crude refill the U.S. Strategic Petroleum Reserve if it requires extensive refining before storage?
America’s 100-Year Oil Grab: The 2026 US–Venezuela Agreement and Its Global Fallout
Overview
The August 2026 US-Venezuela oil agreement was set in motion by a US military intervention that ousted President Maduro and installed Delcy Rodríguez as interim president. This led to a historic deal granting North American Blue Energy Partners (NABEP) 100-year control over 17 oil fields, with the US government taking a major stake and purchase rights. The agreement sparked rare unity among Venezuela’s opposition and Chavistas in outrage, as it likely violates the constitution and risks future revocation. Meanwhile, the US declared a new 'Donroe Doctrine' to exclude rivals like China and Russia, aiming to shift global oil power to the Western Hemisphere.