US, North American Blue Energy Partners reach historic Venezuela oil production agreement

CARACAS, Venezuela, The United States and North American Blue Energy Partners (NABEP) have reached a historic agreement to significantly boost Venezuela’s oil production, potentially adding billions of barrels to the global market and generating substantial economic benefits for both countries. The deal, announced on September 1, 2026, is expected to bring nearly $100 billion in investment to Venezuela, focusing on the exploitation of over 65 billion barrels of P1 reserves.

Under the agreement, NABEP will take operational control of the business, while the U.S. government will hold a 35% stake and gain preferential access to 20% of the company’s production at cost. The announcement was made by President Donald J. Trump, who described it as "the largest oil agreement in history."

"This agreement is a significant step in the deepening of cooperation between the U.S. and Venezuelan governments in the Venezuelan oil sector," said Alejandro Betancourt, NABEP’s executive director. "It will help unlock Venezuela's potential, benefiting both Venezuelan and American citizens. We are grateful to President Trump, Secretary Marco Rubio, Secretary Pete Hegseth, and the U.S. government, as well as President Delcy Rodríguez and the Venezuelan government, for their confidence in NABEP and their willingness to join us in this endeavor."

The new initiative is expected to bring millions of additional barrels of Venezuelan oil to the global market, create thousands of well-paying jobs in Venezuela, and attract billions of dollars in additional investment and economic activity. This is aimed at boosting Venezuela’s economy, which is currently in recovery. The agreement also includes the right for U.S. consumers to purchase 20% of the oil produced at cost, potentially saving billions in savings and ensuring a stable and growing supply of oil in the Western Hemisphere.

Betancourt, who has over 15 years of experience in the Venezuelan oil industry, has overseen a dramatic increase in NABEP’s production from around 18,000 barrels per day to over 200,000 barrels per day through a $1 billion internal investment. This has transformed NABEP into the second-largest oil producer in the country. The company currently employs over 5,000 people directly and supports an additional 10,000 workers through contractor companies across Venezuela.

According to the agreement, the program will require an investment of nearly $100 billion to expand production capacity and petroleum and gas infrastructure in Venezuela. This is expected to generate over $209 billion in fiscal income for the Venezuelan state.

Secretary Marco Rubio, in a statement released immediately after the announcement, said: "This agreement is a massive win for both the American and Venezuelan people. It demonstrates how the bold foreign policy of President Trump is delivering results under the principle of 'America First': securing stable and low-cost oil in our hemisphere while reducing gas prices for our citizens. For the Venezuelan people, this agreement will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy."