White House Announces US-Venezuela Oil Deal With NABEP

The White House announced on August 31, 2026, a detailed agreement granting the United States significant access to Venezuela's oil reserves through a partnership with a private Venezuelan company. The deal, described by the administration as historic, centers on North American Blue Energy Partners, or NABEP, which will receive 100-year concessions to operate in 17 oil fields containing an estimated 65 billion barrels of crude. Under the terms outlined in a White House fact sheet, the U.S. Department of Defense will be granted a 35 percent equity stake in NABEP's corporate parent.