Senate Democrats are questioning both the legality and the policy wisdom of the Pentagon’s proposed investment in a Venezuelan oil company, raising the possibility of a congressional investigation into the arrangement. Four senior Senate Democrats said in a letter to top Trump administration officials that the Pentagon’s planned stake in North American Blue Energy Partners (NABEP), Venezuela’s second-largest oil producer, could face legal challenges and potentially complicate efforts toward a democratic transition in Venezuela.&nbsp;The United States announced plans in early September for the Pentagon to acquire a passive 35% stake in NABEP. Under the proposed arrangement, the company would gain control of 17 oil blocks believed to contain roughly 65 billion barrels of oil. Venezuela claims to hold about 300 billion barrels in proven reserves, the largest such reserves in the world. The deal would also give the State Department preferential rights to purchase 20% of NABEP’s production at cost. Since the United States ousted Venezuelan leader Nicolas Maduro in January, President Donald Trump has encouraged American oil companies to help revive Venezuela’s oil industry. Trump has described the arrangement with NABEP as 'the biggest oil deal in world history'.&nbsp;The Democratic senators, led by Sen. Jeanne Shaheen (D., N.H.), the ranking Democrat on the Senate Foreign Relations Committee, are demanding that the administration provide the full text and terms of the agreement before it is finalized. They are also seeking an explanation of the legal authority that would allow the Pentagon’s Office of Strategic Capital to acquire an equity interest in a foreign oil company. In addition, they want to know how the State Department would finance purchases of NABEP’s oil.&nbsp;The Trump administration has argued that the arrangement could reduce fuel costs for American consumers. Officials have also said the oil would help replenish the US Strategic Petroleum Reserve, which is currently at its lowest level since 1982. “The proposed agreement is unlikely to reduce high energy costs for Americans, and it risks undermining the Venezuelan people’s transition away from a dictatorship,” the senators said in a letter to Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Energy Secretary Chris Wright.&nbsp;Sen. Jack Reed (D., R.I.), the ranking Democrat on the Senate Armed Services Committee; Sen. Martin Heinrich (D., N.M.), the top Democrat on the Senate Energy and Natural Resources Committee; and Sen. Elizabeth Warren (D., Mass.), the ranking member of the Senate Banking, Housing and Urban Affairs Committee, also signed the letter.House Democrats have sent a separate letter raising similar concerns with the administration. Such congressional letters can precede broader investigations into government agencies, companies or other parties involved in major transactions. Any potential investigation, however, would likely come after the November midterm elections and would depend on the Democrats' ability to gain greater control of Congress.&nbsp;Also Read: <a href="https://www.wionews.com/world/christa-pike-s-execution-us-supreme-court-overturns-stay-clears-way-for-tennessee-to-proceed-1790821260727">Christa Pike's execution: US Supreme Court overturns stay, clears way for Tennessee to proceed</a>&nbsp;As the minority party, Democrats currently do not control the relevant committees and therefore lack the authority to independently call public hearings or issue subpoenas. The senators also asked Rubio, Hegseth and Wright to explain how the administration vetted NABEP and whether members of Trump's family or his political donors could potentially benefit from the agreement. They questioned whether NABEP, led by businessman Alejandro Betancourt, has the ability to rapidly expand oil production to the levels projected by the administration.&nbsp;NABEP has already begun preparing for an expansion, reportedly securing 60 drilling rigs, 30 steam boilers used to generate hot steam for moving heavy oil and other equipment. The company aims to more than double its production to 500,000 barrels per day by late 2028. “It is unclear,” the lawmakers said, “why the American public should support this attempt to entangle the United States with a relatively unknown foreign oil company that lacks the capacity or credibility to develop oil fields of the magnitude described and whose leadership has faced international criminal investigations.” The senators also cited past investigations involving Betancourt. They noted that he has never been charged with a crime but said he has “faced multiple investigations for money laundering in Spain, Switzerland and the United States.” Rubio has previously said Betancourt is not under active investigation in the United States.&nbsp;The Wall Street Journal has reported that the Pentagon’s Office of Strategic Capital would structure its proposed investment through penny warrants. The mechanism would potentially give the US an equity interest in NABEP without requiring a substantial upfront capital investment. The Democratic senators argue that the statute establishing the Pentagon office does not authorize it to take equity stakes in private oil companies. They also contend that the proposed arrangement does not fit within the office’s stated authority to provide loans and guarantees supporting U.S. national-security interests.&nbsp;The proposal has also drawn criticism from people involved in Venezuela’s democratic movement. They argue that the arrangement could deepen US ties with Venezuela’s current government under Delcy Rodriguez, a former ally of Maduro. “The plan only creates new corruption risks for both the United States and Venezuela, while appearing to reward the kind of self-dealing that helped degrade Venezuela’s oil sector in the first place," the lawmakers said in the letter. “Such actions undermine U.S. credibility in Venezuela, and the region at large, in the long term.”

Senate Democrats challenge the Pentagon’s proposed 35% stake in Venezuelan oil company NABEP, citing legal, economic and Venezuela democracy concerns

Senate Democrats are questioning both the legality and the policy wisdom of the Pentagon’s proposed investment in a Venezuelan oil company, raising the possibility of a congressional investigation into the arrangement. Four senior Senate Democrats said in a letter to top Trump administration officials that the Pentagon’s planned stake in North American Blue Energy Partners (NABEP), Venezuela’s second-largest oil producer, could face legal challenges and potentially complicate efforts toward a democratic transition in Venezuela. The United States announced plans in early September for the Pentagon to acquire a passive 35% stake in NABEP. Under the proposed arrangement, the company would gain control of 17 oil blocks believed to contain roughly 65 billion barrels of oil. Venezuela claims to hold about 300 billion barrels in proven reserves, the largest such reserves in the world. The deal would also give the State Department preferential rights to purchase 20% of NABEP’s production at cost. Since the United States ousted Venezuelan leader Nicolas Maduro in January, President Donald Trump has encouraged American oil companies to help revive Venezuela’s oil industry. Trump has described the arrangement with NABEP as 'the biggest oil deal in world history'. The Democratic senators, led by Sen. Jeanne Shaheen (D., N.H.), the ranking Democrat on the Senate Foreign Relations Committee, are demanding that the administration provide the full text and terms of the agreement before it is finalized. They are also seeking an explanation of the legal authority that would allow the Pentagon’s Office of Strategic Capital to acquire an equity interest in a foreign oil company. In addition, they want to know how the State Department would finance purchases of NABEP’s oil. The Trump administration has argued that the arrangement could reduce fuel costs for American consumers. Officials have also said the oil would help replenish the US Strategic Petroleum Reserve, which is currently at its lowest level since 1982. “The proposed agreement is unlikely to reduce high energy costs for Americans, and it risks undermining the Venezuelan people’s transition away from a dictatorship,” the senators said in a letter to Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Energy Secretary Chris Wright. Sen. Jack Reed (D., R.I.), the ranking Democrat on the Senate Armed Services Committee; Sen. Martin Heinrich (D., N.M.), the top Democrat on the Senate Energy and Natural Resources Committee; and Sen. Elizabeth Warren (D., Mass.), the ranking member of the Senate Banking, Housing and Urban Affairs Committee, also signed the letter. House Democrats have sent a separate letter raising similar concerns with the administration. Such congressional letters can precede broader investigations into government agencies, companies or other parties involved in major transactions. Any potential investigation, however, would likely come after the November midterm elections and would depend on the Democrats' ability to gain greater control of Congress. Also Read: Christa Pike's execution: US Supreme Court overturns stay, clears way for Tennessee to proceed As the minority party, Democrats currently do not control the relevant committees and therefore lack the authority to independently call public hearings or issue subpoenas. The senators also asked Rubio, Hegseth and Wright to explain how the administration vetted NABEP and whether members of Trump's family or his political donors could potentially benefit from the agreement. They questioned whether NABEP, led by businessman Alejandro Betancourt, has the ability to rapidly expand oil production to the levels projected by the administration. NABEP has already begun preparing for an expansion, reportedly securing 60 drilling rigs, 30 steam boilers used to generate hot steam for moving heavy oil and other equipment. The company aims to more than double its production to 500,000 barrels per day by late 2028. “It is unclear,” the lawmakers said, “why the American public should support this attempt to entangle the United States with a relatively unknown foreign oil company that lacks the capacity or credibility to develop oil fields of the magnitude described and whose leadership has faced international criminal investigations.” The senators also cited past investigations involving Betancourt. They noted that he has never been charged with a crime but said he has “faced multiple investigations for money laundering in Spain, Switzerland and the United States.” Rubio has previously said Betancourt is not under active investigation in the United States. The Wall Street Journal has reported that the Pentagon’s Office of Strategic Capital would structure its proposed investment through penny warrants. The mechanism would potentially give the US an equity interest in NABEP without requiring a substantial upfront capital investment. The Democratic senators argue that the statute establishing the Pentagon office does not authorize it to take equity stakes in private oil companies. They also contend that the proposed arrangement does not fit within the office’s stated authority to provide loans and guarantees supporting U.S. national-security interests. The proposal has also drawn criticism from people involved in Venezuela’s democratic movement. They argue that the arrangement could deepen US ties with Venezuela’s current government under Delcy Rodriguez, a former ally of Maduro. “The plan only creates new corruption risks for both the United States and Venezuela, while appearing to reward the kind of self-dealing that helped degrade Venezuela’s oil sector in the first place," the lawmakers said in the letter. “Such actions undermine U.S. credibility in Venezuela, and the region at large, in the long term.”

Senate Democrats question the legality of the Pentagon’s proposed 35% stake in Venezuelan oil producer NABEP and seek details on the deal

Senate Democrats challenge legality of Pentagon's proposed Venezuela oil stake

Venezuela’s opposition leader María Corina Machado has questioned the country’s interim government for signing an oil deal with the US, saying the country’s natural resources do not belong to “an illegitimate regime”. Machado said the country’s people were feeling “sadness, anger and unease” at a new energy agreement&nbsp;Machado, a Nobel Peace Prize winner living in exile, walked a diplomatic tightrope between being critical of the agreement and trying not to rile the White House as she broke her silence over the pact under which the Pentagon will take a 35 per cent stake in a Venezuelan oil company.&nbsp;She also said the US was the “key partner” that Venezuela needed to develop its oil industry and that this view was supported by a majority of people in the country.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/india-news/ganga-nears-danger-mark-in-varanasi-most-ghats-submerged-pm-modi-orders-relief-work-on-war-footing-1788455040726">Ganga nears danger mark in Varanasi, most ghats submerged; PM Modi orders relief work on ‘war footing’</a>&nbsp;In a video posted on social media, Machado said, “Of course the United States is the principal partner Venezuela needs to fully develop its strategic potential. This is what the majority of Venezuelans believe … and it is something I’ve spent my whole life defending.”&nbsp;However, the current occupants of the Miraflores presidential palace in Caracas did not have the right or the democratic mandate to negotiate Venezuela’s natural resources, she said. “The wealth of our subsoil does not belong to an illegitimate regime—it belongs to the Venezuelan people,” she said, adding that supporters felt “sadness and anger” at being excluded from the decision-making process.&nbsp;Venezuela has the world’s largest proven crude oil reserves, with an estimated 303 billion barrels, of which more than 65 billion barrels are involved in the agreement.&nbsp;Also Read: <a href="https://www.wionews.com/world/india-ready-to-help-end-russia-ukraine-war-says-eam-jaishankar-during-kyiv-visit-1788437687980">India ready to help end Russia-Ukraine war, says EAM Jaishankar during Kyiv visit</a>&nbsp;Trump’s deal was struck with the un-elected interim president, Delcy Rodríguez, who took power in January after her predecessor, Nicolás Maduro, was abducted by US special forces.&nbsp;Many expected Trump would replace Maduro with Machado, a conservative democracy activist who later gave her Nobel prize award to the US president. But Trump backed Rodríguez, while sidelining Machado.The White House claims the oil deal will help secure US “energy dominance for the next century” as well as “purging foreign malign influence from our back yard” by excluding China and Russia.&nbsp;Speaking outside the Miraflores palace on Wednesday, the US energy secretary, Chris Wright, said the aim was “to massively grow production and economic opportunities in Venezuela,” adding, “President Trump has a clear mission in Venezuela. The mission is to bring peace, freedom, opportunity, and prosperity to everyone in Venezuela.”&nbsp;Also Read: <a href="https://www.wionews.com/india-news/bar-council-has-no-power-to-discipline-law-students-before-enrollment-supreme-court-1788442808743">Bar Council has no power to discipline law students before enrollment: Supreme Court</a>&nbsp;However, Machado’s supporters fear the deal makes Washington far less inclined to push for fresh presidential elections.&nbsp;On Wednesday, Trump and Rodríguez brushed off questions on when an election could be held. “You had a very powerful, very nasty dictatorship in Venezuela – and they’re just not going to be ready for it yet,” Trump told reporters, before adding, “But soon.”&nbsp;Rodríguez said, “There will be an electoral process, but when Venezuela is ready. I don’t set dates.”&nbsp;&nbsp;Machado had supported the US military’s January raid that captured former president Nicolás Maduro, who now awaits trial in the US on drug-trafficking charges.&nbsp;

Venezuela has the world’s largest proven crude oil reserves, with an estimated 303 billion barrels, of which more than 65 billion barrels are involved in the agreement. However, Machado’s supporters fear the deal makes Washington far less inclined to push for fresh presidential elections.

Venezuela’s opposition leader María Corina Machado has questioned the country’s interim government for signing an oil deal with the US, saying the country’s natural resources do not belong to “an illegitimate regime”. Machado said the country’s people were feeling “sadness, anger and unease” at a new energy agreement Machado, a Nobel Peace Prize winner living in exile, walked a diplomatic tightrope between being critical of the agreement and trying not to rile the White House as she broke her silence over the pact under which the Pentagon will take a 35 per cent stake in a Venezuelan oil company. She also said the US was the “key partner” that Venezuela needed to develop its oil industry and that this view was supported by a majority of people in the country. Also Read: Ganga nears danger mark in Varanasi, most ghats submerged; PM Modi orders relief work on ‘war footing’ In a video posted on social media, Machado said, “Of course the United States is the principal partner Venezuela needs to fully develop its strategic potential. This is what the majority of Venezuelans believe … and it is something I’ve spent my whole life defending.” However, the current occupants of the Miraflores presidential palace in Caracas did not have the right or the democratic mandate to negotiate Venezuela’s natural resources, she said. “The wealth of our subsoil does not belong to an illegitimate regime—it belongs to the Venezuelan people,” she said, adding that supporters felt “sadness and anger” at being excluded from the decision-making process. Venezuela has the world’s largest proven crude oil reserves, with an estimated 303 billion barrels, of which more than 65 billion barrels are involved in the agreement. Also Read: India ready to help end Russia-Ukraine war, says EAM Jaishankar during Kyiv visit Trump’s deal was struck with the un-elected interim president, Delcy Rodríguez, who took power in January after her predecessor, Nicolás Maduro, was abducted by US special forces. Many expected Trump would replace Maduro with Machado, a conservative democracy activist who later gave her Nobel prize award to the US president. But Trump backed Rodríguez, while sidelining Machado. The White House claims the oil deal will help secure US “energy dominance for the next century” as well as “purging foreign malign influence from our back yard” by excluding China and Russia. Speaking outside the Miraflores palace on Wednesday, the US energy secretary, Chris Wright, said the aim was “to massively grow production and economic opportunities in Venezuela,” adding, “President Trump has a clear mission in Venezuela. The mission is to bring peace, freedom, opportunity, and prosperity to everyone in Venezuela.” Also Read: Bar Council has no power to discipline law students before enrollment: Supreme Court However, Machado’s supporters fear the deal makes Washington far less inclined to push for fresh presidential elections. On Wednesday, Trump and Rodríguez brushed off questions on when an election could be held. “You had a very powerful, very nasty dictatorship in Venezuela – and they’re just not going to be ready for it yet,” Trump told reporters, before adding, “But soon.” Rodríguez said, “There will be an electoral process, but when Venezuela is ready. I don’t set dates.” Machado had supported the US military’s January raid that captured former president Nicolás Maduro, who now awaits trial in the US on drug-trafficking charges.

Venezuela has the world’s largest proven crude oil reserves, with an estimated 303 billion barrels, of which more than 65 billion barrels are involved in the agreement. However, Machado’s supporters fear the deal makes Washington far less inclined to push for fresh presidential elections.

Nobel laureate Machado says Venezuela’s ‘illegitimate’ regime has no right to strike US oil deal

Venezuela is hoping a major new agreement with the United States can transform its vast oil wealth into economic recovery, jobs and better public services.

The deal marks a significant expansion of the US role in Venezuela’s oil industry, with Washington seeking to revive production and secure additional crude supplies for American refineries. Venezuela, which holds the world’s largest proven oil reserves, has seen its production remain far below its potential after years of sanctions, underinvestment and mismanagement.

Venezuelan officials say the agreement could generate major revenue for housing, healthcare, schools, roads, electricity, water infrastructure and earthquake reconstruction. The government also says foreign companies will provide capital, technology and expertise while Venezuela retains ownership of its oil resources.

But ordinary Venezuelans remain cautious. Many say they have heard promises before and want to see oil revenues translated into better wages, functioning public services, infrastructure and direct improvements to everyday life.

Venezuela-US Oil Deal: Can Trump’s Energy Push Revive Venezuela’s Economy?

Venezuela’s interim leader Delcy Rodriguez on Saturday (Aug 29) sought to calm growing public concern over a sweeping oil agreement with the United States, insisting that Caracas will retain sovereignty over the country’s vast petroleum reserves despite Washington gaining major access to them.The deal gives the United States majority control over 65 billion barrels of Venezuela’s proven reserves, with President Donald Trump hailing it as “the biggest oil deal in world history.”“One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources,” Rodriguez said in a televised address on Saturday (Aug 29).She said the agreement was intended to turn “cold, inert” resources lying underground into “a source of social and economic well-being for the people of Venezuela.”Caracas has said the arrangement could attract $100 billion in private investment to revive an oil industry crippled by years of economic turmoil, sanctions and chronic underinvestment. But details of the agreement remain limited, fuelling concerns about what Venezuela may be giving up in return.The unease extends beyond government opponents. “We don’t know who this will benefit – whether it’s Venezuela or (the United States),” security guard Jesus Salazar said. “I have my doubts, but we’ll have to wait and see what happens.”<h2>Can Venezuela’s oil industry recover?</h2>Rodriguez has moved to open Venezuela’s tightly controlled mining and oil sectors to greater private and foreign investment, while Washington has eased restrictions on the country’s oil industry.Production rose nearly 30 per cent between January and July, reaching 1.2 million barrels per day. However, that remains far below the roughly three million barrels Venezuela produced a quarter-century ago.Analysts warn any dramatic recovery will take years.“The increase in production won’t be seen for at least three or four years,” said Oswaldo Felizzola, an engineer and professor at IESA in Caracas, as quoted by AFP.For a country still struggling with widespread poverty and soaring prices, the stakes are high. Rodriguez has promised more than $204 billion in tax revenue, though details remain unclear.Supporters of the deal argue foreign investment could revive an industry that Venezuela can no longer rebuild alone. “It’s undoubtedly better than before,” analyst Elias Ferrer said. “Before, this oil wasn’t being extracted; if no one extracts it, no one pays royalties, and no one profits from it.”

Delcy Rodriguez says Venezuela will retain sovereignty over its oil despite a major US deal, as public doubts grow over who will benefit from $100 billion in planned investment.

Venezuela’s interim leader Delcy Rodriguez on Saturday (Aug 29) sought to calm growing public concern over a sweeping oil agreement with the United States, insisting that Caracas will retain sovereignty over the country’s vast petroleum reserves despite Washington gaining major access to them. The deal gives the United States majority control over 65 billion barrels of Venezuela’s proven reserves, with President Donald Trump hailing it as “the biggest oil deal in world history.” “One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources,” Rodriguez said in a televised address on Saturday (Aug 29). She said the agreement was intended to turn “cold, inert” resources lying underground into “a source of social and economic well-being for the people of Venezuela.” Caracas has said the arrangement could attract $100 billion in private investment to revive an oil industry crippled by years of economic turmoil, sanctions and chronic underinvestment. But details of the agreement remain limited, fuelling concerns about what Venezuela may be giving up in return. The unease extends beyond government opponents. “We don’t know who this will benefit – whether it’s Venezuela or (the United States),” security guard Jesus Salazar said. “I have my doubts, but we’ll have to wait and see what happens.” Can Venezuela’s oil industry recover? Rodriguez has moved to open Venezuela’s tightly controlled mining and oil sectors to greater private and foreign investment, while Washington has eased restrictions on the country’s oil industry. Production rose nearly 30 per cent between January and July, reaching 1.2 million barrels per day. However, that remains far below the roughly three million barrels Venezuela produced a quarter-century ago. Analysts warn any dramatic recovery will take years. “The increase in production won’t be seen for at least three or four years,” said Oswaldo Felizzola, an engineer and professor at IESA in Caracas, as quoted by AFP. For a country still struggling with widespread poverty and soaring prices, the stakes are high. Rodriguez has promised more than $204 billion in tax revenue, though details remain unclear. Supporters of the deal argue foreign investment could revive an industry that Venezuela can no longer rebuild alone. “It’s undoubtedly better than before,” analyst Elias Ferrer said. “Before, this oil wasn’t being extracted; if no one extracts it, no one pays royalties, and no one profits from it.”

Delcy Rodriguez says Venezuela will retain sovereignty over its oil despite a major US deal, as public doubts grow over who will benefit from $100 billion in planned investment.

‘Venezuela retains sovereignty’: Delcy Rodriguez defends sweeping US oil deal

Venezuelan Acting President Delcy Rodriguez on Friday (Aug 28) said that the oil agreement announced by US President Donald Trump could generate more than $209 billion in taxes for Venezuela. This comes as Caracas prepares to open 17 strategic oil fields to private operators, particularly US companies.Rodriguez described the arrangement as a major step towards reviving Venezuela's battered energy industry after years of underinvestment, mismanagement, and sanctions.In a statement shared on Telegram, Rodriguez said the agreement would bring more than $100 billion in investment into the country's oil sector. "The agreement will allow for a significant increase in oil production with the participation of private operators," Rodriguez said.Also read | <a href="https://www.wionews.com/world/trump-venezuela-oil-deal-65-billion-barrels-us-control-1787964008355">Trump claims 'biggest oil deal in world history' with Venezuela, says US will control majority of 65 billion barrels</a><h2>17 oil fields, 65 billion barrels</h2>According to Rodriguez, the plan covers 17 strategic fields with a proven potential of 65 billion barrels of oil. She said the investments would go towards recovering and modernising Venezuela's hydrocarbons industry and rebuilding strategic infrastructure."This initiative is the result of the strengthening of relations between Venezuela and the United States, and it will facilitate a significant flow of investment aimed at the recovery and reconstruction of strategic infrastructure for the development of our hydrocarbons industry," she said.Rodriguez noted that the project was expected to generate more than $209 billion in taxes for the Venezuelan state. She also linked the deal to broader economic and energy objectives, saying it could support Venezuela's economic growth while contributing to "the energy security of our hemisphere" and greater balance in international markets.Also read | <a href="https://www.wionews.com/world/us-canada-trade-war-trump-orders-lake-ontario-renamed-lake-america-canada-hits-back-1787878478524">US-Canada trade war: Canada hits back as Trump orders Lake Ontario renamed 'Lake America'</a><h2>Trump seeks more Venezuelan oil</h2>Trump announced the agreement on Friday, saying the United States would secure majority control over more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private companies.US Secretary of State Marco Rubio described the arrangement as a win for both countries and said it could draw nearly $100 billion in private investment into Venezuela.Rubio also argued that increased Venezuelan production could help bring down gasoline prices in the United States.<h2>Venezuela seeks to revive oil output</h2>Venezuela has the world's largest proven oil reserves, but its production remains well below its potential. The country currently produces around 1.25 million barrels of crude a day.The proposed agreements are expected to be signed next week and would grant new exploration and production rights to several companies, with American firms expected to play a major role.

Venezuela has revealed what it stands to gain from the oil deal with the US. As Caracas prepares to open 17 strategic fields to private operators, the government says the deal could unlock a huge tax windfall.

Venezuelan Acting President Delcy Rodriguez on Friday (Aug 28) said that the oil agreement announced by US President Donald Trump could generate more than $209 billion in taxes for Venezuela. This comes as Caracas prepares to open 17 strategic oil fields to private operators, particularly US companies. Rodriguez described the arrangement as a major step towards reviving Venezuela's battered energy industry after years of underinvestment, mismanagement, and sanctions. In a statement shared on Telegram, Rodriguez said the agreement would bring more than $100 billion in investment into the country's oil sector. "The agreement will allow for a significant increase in oil production with the participation of private operators," Rodriguez said. Also read | Trump claims 'biggest oil deal in world history' with Venezuela, says US will control majority of 65 billion barrels 17 oil fields, 65 billion barrels According to Rodriguez, the plan covers 17 strategic fields with a proven potential of 65 billion barrels of oil. She said the investments would go towards recovering and modernising Venezuela's hydrocarbons industry and rebuilding strategic infrastructure. "This initiative is the result of the strengthening of relations between Venezuela and the United States, and it will facilitate a significant flow of investment aimed at the recovery and reconstruction of strategic infrastructure for the development of our hydrocarbons industry," she said. Rodriguez noted that the project was expected to generate more than $209 billion in taxes for the Venezuelan state. She also linked the deal to broader economic and energy objectives, saying it could support Venezuela's economic growth while contributing to "the energy security of our hemisphere" and greater balance in international markets. Also read | US-Canada trade war: Canada hits back as Trump orders Lake Ontario renamed 'Lake America' Trump seeks more Venezuelan oil Trump announced the agreement on Friday, saying the United States would secure majority control over more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private companies. US Secretary of State Marco Rubio described the arrangement as a win for both countries and said it could draw nearly $100 billion in private investment into Venezuela. Rubio also argued that increased Venezuelan production could help bring down gasoline prices in the United States. Venezuela seeks to revive oil output Venezuela has the world's largest proven oil reserves, but its production remains well below its potential. The country currently produces around 1.25 million barrels of crude a day. The proposed agreements are expected to be signed next week and would grant new exploration and production rights to several companies, with American firms expected to play a major role.

Venezuela has revealed what it stands to gain from the oil deal with the US. As Caracas prepares to open 17 strategic fields to private operators, the government says the deal could unlock a huge tax windfall.

$209 billion for Venezuela? Delcy Rodriguez reveals what Caracas stands to gain from Trump's oil deal

US President Donald Trump on Friday (Aug 28) announced that his administration had struck what he described as a massive oil agreement with Venezuela that would give the United States majority control of 65 billion barrels of the country's proven petroleum reserves.Trump called it "the biggest oil deal in world history", while US Secretary of State Marco Rubio said the arrangement would bring nearly $100 billion in private investment into Venezuela.The Venezuelan government had not immediately confirmed the deal.Also read | <a href="https://www.wionews.com/world/wion-decodes-two-thirds-of-ships-crossing-hormuz-are-now-dark-what-does-that-mean-1787645012571">WION Decodes: Two-thirds of ships crossing Hormuz are now 'dark'. What does that mean?</a><h2>Trump says deal will boost US oil reserves</h2>Announcing the agreement on Truth Social, Trump said the arrangement would more than double US oil reserves. He said Rubio and US Defense Secretary Pete Hegseth had reached the agreement with Venezuelan interim leader Delcy Rodriguez through a partnership involving private companies."This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!" Trump wrote.

Rubio said the agreement was another example of Trump's "America First" approach. "For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy," Rubio wrote on X.Also read | <a href="https://www.wionews.com/world/trump-s-women-problem-white-women-abandoning-republicans-ahead-of-2026-midterms-shows-report-1787906287196">Trump's women problem? White women abandoning Republicans ahead of 2026 midterms, shows report</a>He also said the deal would secure stable reserves and low-cost oil in the Western Hemisphere while helping bring down gasoline prices in the US.

<blockquote class="twitter-tweet">This deal is a huge win for both the American and Venezuelan people. It demonstrates how President Trump&#39;s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home. For the Venezuelan… <a href="https://t.co/SMSRYGWmVb">https://t.co/SMSRYGWmVb</a>&mdash; Secretary Marco Rubio (@SecRubio) <a href="https://x.com/SecRubio/status/2093472965404860812?ref_src=twsrc%5Etfw">August 28, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

<h2>Deal follows talks over major Venezuelan oil fields</h2>The announcement follows reports that Washington and Caracas had been discussing a much larger arrangement involving Venezuelan oil production.Previously, Axios reported that the two countries were negotiating over a dozen productive oil fields holding around 90 billion barrels of proven reserves, or roughly a third of Venezuela's total proven reserves of 300 billion barrels.Under the reported structure, private companies, including US firms, would receive ownership stakes and develop the fields, with more oil revenue flowing back to Venezuela.Trump's announcement referred to majority control of 65 billion barrels of proven reserves, but the material provided does not explain how that figure relates to the previously reported 90 billion barrels.The deal also comes after the US ousted and captured longtime Venezuelan leader Nicolas Maduro in January. His former vice president, Delcy Rodriguez, remained as interim leader on condition that she cooperate with Washington.&nbsp;

Donald Trump says the US has secured a massive new oil deal with Venezuela. He has described it as the biggest in history, but what exactly does Washington get, and what does Caracas stand to gain? All details below.

US President Donald Trump on Friday (Aug 28) announced that his administration had struck what he described as a massive oil agreement with Venezuela that would give the United States majority control of 65 billion barrels of the country's proven petroleum reserves. Trump called it "the biggest oil deal in world history", while US Secretary of State Marco Rubio said the arrangement would bring nearly $100 billion in private investment into Venezuela. The Venezuelan government had not immediately confirmed the deal. Also read | WION Decodes: Two-thirds of ships crossing Hormuz are now 'dark'. What does that mean? Trump says deal will boost US oil reserves Announcing the agreement on Truth Social, Trump said the arrangement would more than double US oil reserves. He said Rubio and US Defense Secretary Pete Hegseth had reached the agreement with Venezuelan interim leader Delcy Rodriguez through a partnership involving private companies. "This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!" Trump wrote.

Donald Trump says the US has secured a massive new oil deal with Venezuela. He has described it as the biggest in history, but what exactly does Washington get, and what does Caracas stand to gain? All details below.

Trump claims 'biggest oil deal in world history' with Venezuela, says US will control majority of 65 billion barrels

Trump administration is reportedly working on a deal to lock in long-term access to part of Venezuela's ‌crude reserves, a move that could eventually help bring down US oil import costs. The agreement could be finalised and announced in the near future, structured in such a way that would let the US government secure rights to a set of Venezuelan oilfields that American companies would then develop, with the resulting output reserved for US supply. "This is real and being discussed at the highest levels of the US ​and Venezuelan governments," one of the sources told news agency Reuters. It is reported that a "lease" was under consideration as the legal model ⁠to make the deal work. This will make a further auction or tender to allocate each one of the fields among US producers.&nbsp;Also read: <a href="https://www.wionews.com/world/great-near-great-below-average-trump-puts-himself-above-lincoln-washington-in-bizarre-ranking-of-greatest-us-presidents-1787903513307">‘Great, near great, below average’: Trump puts himself above Lincoln, Washington in bizarre ranking of ‘greatest’ US presidents</a><h3>Resource-rich Orinoco Belt</h3>A list of 17 fields reportedly under discussion spans newly developing areas in the resource-rich Orinoco Belt as well as established production zones around Lake Maracaibo, some of which are currently run by a small Chinese company operating under a contract dating back to the Maduro government. The White House directed inquiries to the Department of Energy, while Venezuela's oil ministry, its state oil company PDVSA, and the Energy Department had not commented yet. Venezuela is planning to leave the OPEC oil production group ​because it strengthens ties with the US, according to a report by Bloomberg. Venezuela joined the group as a founding member in 1960; however, it has not ​met OPEC quotas for years as the country's state-run oil industry has suffered from neglect and corruption. The US has always been at odds with OPEC for its influence on oil ‌prices. At the moment, hydrocarbon regulation in Venezuela, which has the largest crude reserves in the world, does not include acreage leases for oil areas.

The agreement could be finalised and announced in the near future, which would let the US government secure rights to a set of Venezuelan oilfields that American companies would then develop, with the resulting output reserved for US supply.

Trump administration is reportedly working on a deal to lock in long-term access to part of Venezuela's ‌crude reserves, a move that could eventually help bring down US oil import costs. The agreement could be finalised and announced in the near future, structured in such a way that would let the US government secure rights to a set of Venezuelan oilfields that American companies would then develop, with the resulting output reserved for US supply. "This is real and being discussed at the highest levels of the US and Venezuelan governments," one of the sources told news agency Reuters. It is reported that a "lease" was under consideration as the legal model ⁠to make the deal work. This will make a further auction or tender to allocate each one of the fields among US producers. Also read: ‘Great, near great, below average’: Trump puts himself above Lincoln, Washington in bizarre ranking of ‘greatest’ US presidents Resource-rich Orinoco Belt A list of 17 fields reportedly under discussion spans newly developing areas in the resource-rich Orinoco Belt as well as established production zones around Lake Maracaibo, some of which are currently run by a small Chinese company operating under a contract dating back to the Maduro government. The White House directed inquiries to the Department of Energy, while Venezuela's oil ministry, its state oil company PDVSA, and the Energy Department had not commented yet. Venezuela is planning to leave the OPEC oil production group because it strengthens ties with the US, according to a report by Bloomberg. Venezuela joined the group as a founding member in 1960; however, it has not met OPEC quotas for years as the country's state-run oil industry has suffered from neglect and corruption. The US has always been at odds with OPEC for its influence on oil ‌prices. At the moment, hydrocarbon regulation in Venezuela, which has the largest crude reserves in the world, does not include acreage leases for oil areas.

The agreement could be finalised and announced in the near future, which would let the US government secure rights to a set of Venezuelan oilfields that American companies would then develop, with the resulting output reserved for US supply.

Trump administration officials near deal for access to Venezuela's ‌crude reserves