Venezuela's assembly backs oil deal announced with U.S.
U.S. officials said the agreement will lower fuel prices and counter Russian and Chinese influence, while giving Washington purchase rights to 20% of output.
- On Tuesday, Venezuela's National Assembly approved an oil deal with the Trump administration granting private firm North American Blue Energy Partners a 100-year lease for 17 oilfields, securing access to one-fifth of Venezuela's oil reserves.
- The agreement marks a reversal from the ruling party's long-standing hostility toward American energy partnerships; in February 2024, then-Vice President Delcy accused opposition leader Corina Machado of planning to hand resources to Americans.
- Today, Energy Secretary Chris Wright travels to Caracas to sign the agreement, while Chevron simultaneously plans to announce expanded operations in the country, signaling coordinated administration intent.
- Despite the National Assembly's endorsement, oil companies have expressed hesitation about the deal's structure, citing dubious legal underpinnings of American involvement in Venezuela's energy sector.
- Industry sources warn that legal uncertainty surrounding the 17 oilfields could complicate long-term investment goals for NABEP, as analysts suggest American involvement in Venezuela's oil industry may be overstated.
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US energy firms dominate Venezuela deals worth billions
Energy Secretary Chris Wright traveled to Caracas to oversee the signing of deals worth "tens of billions of dollars of investment," seen as a quid pro quo for Washington winning majority control of 65 billion barrels of Venezuelan oil reserves. Wright said the deals signed by Venezuela with US oil major Chevron, GE Vernova, a General Electric offshoot, and Italy's ENI were "critical in starting this ball rolling of peace, opportunity, and prosp…
By Anabella González, CNN en Español. Venezuela's interim president, Delcy Rodríguez, participated this Wednesday in Caracas in the signing of energy investment agreements alongside U.S. Energy Secretary Chris Wright, days after President Donald Trump announced an oil pact with the country. The meeting, as previously announced
Delcy Rodríguez thanked President Donald Trump for "all the joint effort his government has made" to achieve "win-win" agreements.
Chevron, ENI and GE have signed agreements with Venezuela that will generate tens of billions of dollars in investment. This was announced by US Secretary of Energy Chris Wright after a ceremony held at the Miraflores Presidential Palace in the capital of the Bolivarian Republic. “Today is a historic day in the process of transforming Venezuela and expanding opportunities for the Venezuelan people. US President Donald Trump’s mission in Venezuel…
Venezuela signed on Wednesday oil agreements with the US company Chevron and the Italian company Eni in the presence of the president in charge of the South American country, Delcy Rodríguez, and the US Secretary of Energy, Chris Wright, who stated that this is “a historic day.” The Venezuelan government and Chevron signed a document for the recognition ... Continue reading “A historic day”: Venezuela and the United States sign oil agreements in…
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