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US and Venezuela sign major 100-year oil agreement amid sharp criticism

The pact grants a US-led firm control over 17 oilfields, drawing praise from leaders but backlash over colonialist framing and feasibility.

Updated Sep 1, 2026 · 22:18 UTC1 reports

The short version

  • The US and Venezuela signed an agreement granting a US-led enterprise 100-year concessions covering 17 oilfields and roughly 65 billion barrels of crude.
  • Under the framework, the US government gains board veto power over private producer Nabep, while Venezuelan interim leadership expects $100 billion in investment.
  • Opposition figures, former diplomats, and traditional socialists have condemned the pact as one-sided exploitation that bypasses democratic restoration.
  • Energy analysts question the US administration's two-to-three-year timeline for financial returns given severe infrastructure degradation.

Key facts

  • The agreement covers 17 Venezuelan oilfields containing an estimated 65 billion barrels of crude, representing over 20% of the nation's proven reserves, through 100-year concessions.[BBC News]
  • The pact operates through Venezuelan private producer North American Blue Energy Partners (Nabep), requiring a majority US-citizen board and giving the US government veto power over board appointments.[BBC News]
  • Interim Venezuelan President Delcy Rodríguez stated the deal will bring $100 billion in investment and over $200 billion in tax revenue.[BBC News]
  • Critics including former US envoy Elliott Abrams and Venezuelan economist Ricardo Hausmann denounced the terms as colonialist and argued Washington is partnering with an oppressive regime instead of restoring democracy.[BBC News]
  • The White House framed the deal as a re-establishment of the Monroe Doctrine aimed at securing Western Hemisphere energy dominance.[BBC News]

What remains uncertain

  • The financial turnaround timeline is disputed: while the US administration anticipates profits in two to three years, energy experts argue restoring Venezuelan output to historical levels requires roughly $100 billion over eight to ten years.[BBC News]
  • It remains unverified how investment funds and generated revenues will be managed or whether the agreement will lead to a transition toward democratic elections.[BBC News]

Sources