Venezuela's assembly backs oil deal announced with U.S.
The deal gives Washington control of 17 oilfields and purchase rights to 20% of the crude, while critics warn it raises sovereignty concerns.
- 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.
285 Articles
285 Articles
President Donald Trump calls it “the biggest oil deal in world history,” Venezuelan interim president Delcy Rodríguez is counting on 100 billion…
Venezuelan interim President Delcy Rodriguez stated that elections would be held when the necessary conditions were met, saying, "There will be elections, but when the country is ready."
Although, of course, it doesn’t set a date. Trump supports his arguments. “We got them out of a dictatorship” and “they’re not ready yet,” the American said.
Venezuela Hands Over Much of its Oil Production and Reserves to the United States
US President Donald Trump on August 28 announced via social media a US agreement with Venezuela by means of which a sizable portion of Venezuela’ oil production and oil reserves comes under US control. In a six-minute television address the next day, acting Venezuelan President Delcy Rodríguez commented on Trump’s remarks. Two days later, the text of the agreement had still not been communicated. Trump indicated Secretary of State Marco Rubio an…
Coverage Details
Bias Distribution
- 38% of the sources are Center
![[your]NEWS](/_next/image?url=https%3A%2F%2Fgroundnews.b-cdn.net%2Finterests%2Ffb6dc495f74049f513563c33352175eaa0ecd509.jpg%3Fwidth%3D60&w=128&q=75)
Factuality
To view factuality data please Upgrade to Premium
