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Venezuela signs agreement granting US-backed venture long-term control over one-fifth of oil reserves

Interim President Delcy Rodríguez agrees to a 100-year concession covering 65 billion barrels of crude, drawing sharp domestic and international criticism.

Updated Sep 3, 2026 · 17:18 UTC3 reports

The short version

  • Acting Venezuelan President Delcy Rodríguez signed a deal granting 100-year concessions over 17 oil fields to a joint venture with North American Blue Energy Partners, covering roughly one-fifth of the nation's oil reserves.
  • The United States government will retain veto authority over board appointments and require a majority of the venture's board to hold U.S. citizenship.
  • While leaders from both nations tout expected billions in revenue and investment, domestic critics, opposition figures, and energy analysts have raised concerns over national sovereignty and the realistic timeline for economic returns.

Key facts

  • The pact grants 100-year rights over 17 oil fields containing approximately 65 billion barrels of proven crude reserves, out of an estimated national total of 300 billion barrels.[Associated Press · ABC News · BBC News]
  • The framework partners with North American Blue Energy Partners and requires that a majority of the board be U.S. citizens, with the U.S. government holding veto power over board selections.[BBC News]
  • Acting President Delcy Rodríguez stated the agreement will bring $100 billion in investment and over $200 billion in tax revenue, while President Donald Trump called it the largest oil deal in world history.[BBC News]
  • The agreement follows the capture of former President Nicolás Maduro by U.S. forces in January, after which Rodríguez assumed leadership.[Associated Press · BBC News]
  • Venezuelan opposition figures, former officials, and citizens have criticized the terms, characterizing the arrangement as a surrender of national sovereignty and resources.[Associated Press · ABC News · BBC News]

What remains uncertain

  • Energy experts dispute the timeline for profitability and output recovery, noting that heavily degraded infrastructure may require up to eight years and $100 billion in investment rather than the two-to-three-year timeline envisioned by Trump.[Associated Press · BBC News]
  • It remains unclear how revenue generated from the partnership will be managed and whether the deal will lead to any pathway toward democratic elections in Venezuela.[BBC News]

Sources