US Eyes Venezuelan Oil Pact under 100-Year Deal

The Trump administration unveiled a deal granting the Pentagon’s Office of Strategic Capital a 35% stake in North American Blue Energy Partners to operate 17 Venezuelan oil fields with about 65 billion barrels of reserves under a 100-year concession. The United States would have the right to purchase 20% of output at production cost for the Strategic Petroleum Reserve, with the State Department holding first refusal on the remaining 80% and governance tied to U.S. law. Officials say the arrangement aims to secure a stable US energy supply and shift influence away from China and Russia while promoting a democratic transition in Venezuela. Questions have been raised about feasibility and timeline given Venezuela’s production challenges, and about NABEP’s owner Alejandro Betancourt López, who has been investigated in Europe for alleged financial crimes but has not been charged. Critics warn the deal hinges on improvements in rule of law and governance to attract investment, while supporters say it could unlock billions in royalties and help rebuild Venezuela’s energy sector. The broader context shows a high-stakes effort to reshape energy flows in the hemisphere, with substantial political and legal sensitivities surrounding the operator and its connections.