United States Energy Secretary Chris Wright is preparing to head to Venezuela this Tuesday. His visit comes on the heels of a controversial deal that effectively hands the U. S. significant control over a substantial portion of Venezuela's oil reserves. Critics have drawn parallels between this agreement and those historically imposed by colonial powers, but Venezuelan President Delcy Rodriguez's interim government defends it as a crucial step for the nation's struggling economy.
The National Assembly, led by Jorge Rodriguez, Delcy's brother, voted to support the measure on Tuesday. “Support for the binational energy treaty between the Bolivarian Republic of Venezuela and the United States of America … is approved, ” Jorge Rodriguez declared. This agreement grants the U. S. access to 65 billion barrels of Venezuela’s proven oil reserves, about one-fifth of the nation’s total. It includes a 100-year lease over 17 large Venezuelan oil fields, where a private company is expected to extract fuel.
As part of the deal, a new company will be established. The U. S. Defense Department is set to hold a 35 percent ownership stake, while the State Department will have the right to buy 20 percent of the oil produced at cost. The White House announced Monday its collaboration with North American Blue Energy Partners (NABEP), led by Venezuelan businessman Alejandro Betancourt. Betancourt, once an ally of the late Venezuelan President Hugo Chavez, has been under criminal investigation for alleged money laundering in Spain and Switzerland.
However, a U. S. official speaking anonymously defended the partnership, noting that Betancourt faces no charges in the United States. “I’m not nominating anyone for sainthood here, ” the official told reporters. The official described the deal as a “geopolitical opportunity to secure fields that primarily had largely been under the influence of Chinese and Russian companies.” Emphasizing U. S. national interest, the official said it is “critically important” for the U. S. to be able “to buy oil at cost reliably.”
Even within the National Assembly, the deal has faced opposition. Some lawmakers abstained from voting, criticizing the lack of public disclosure of the agreement's terms. Lawmaker Luis Emilio Rondon demanded transparency, stating, “We need and are obliged to know what is written in the fine print.” He called for “the full and complete text of what has been agreed.”
The 65-billion-barrel oil deal was first announced by President Donald Trump on August 27 in a post on his Truth Social platform. His administration has increasingly influenced Venezuela’s government since a January 3 military operation resulted in the abduction and imprisonment of Venezuelan President Nicolas Maduro. Trump and Maduro had frequently clashed, and following Maduro’s abduction, Trump supported his vice president, Delcy Rodriguez, to take over Venezuela’s government, presenting her as a model of cooperation.
Venezuela’s energy sector has deteriorated, a situation critics blame on heavy U. S. sanctions and government mismanagement. While the Trump administration has pushed for broader international involvement in Venezuela’s oil sector, some companies remain hesitant about investing. Separately, oil giant Chevron is expected to sign an agreement on Wednesday to expand its operations in Venezuela. Regarding the possibility of democratic elections in the country, the anonymous U. S. official said they were not feasible in the immediate future. Transition periods, the official added, “almost invariably requires you to work with elements of the existing structure, even as you are creating a new one.”
