September 08, 2026 [Storage Terminals Magazine]- The United States government and North American Blue Energy Partners (NABEP) have reached an agreement aimed at significantly increasing oil production in Venezuela, with the initiative expected to involve close to $100 billion in investment in oil production capacity and energy infrastructure.

Under the agreement, NABEP will retain operational control of the business, while the US government will have rights to a 35 percent stake in the company and preferential access to 20 percent of its oil production at cost. The White House has said the arrangement covers 17 Venezuelan oil fields with approximately 65 billion barrels of proven reserves under 100-year concessions.

President Donald Trump described the agreement as “the biggest oil deal in world history.” The US administration has presented the deal as part of a broader effort to secure additional oil supplies in the Western Hemisphere while supporting investment and economic recovery in Venezuela.

The agreement is expected to support the expansion of production in the Lake Maracaibo region and the Orinoco Oil Belt. NABEP said it currently controls rights to commercialise more than 65 billion barrels of P1 reserves and is targeting production of more than 1 million barrels of oil per day in the near term.

NABEP said the investment programme will cover production capacity as well as oil and gas infrastructure. The company estimates that the programme could generate more than $209 billion in tax revenue for the Venezuelan state.

The company has also reported significant recent growth in its production. According to NABEP, production increased from approximately 18,000 barrels per day to more than 200,000 bpd following around $1 billion in company-funded investment. The company said it now directly employs more than 5,000 people and supports a further 10,000 contractor positions in Venezuela.

NABEP CEO Alejandro Betancourt said the agreement would allow Venezuela to develop its natural resources while creating employment and attracting additional investment to the country’s oil sector.

US Secretary of State Marco Rubio also described the agreement as a major development for both countries, saying it would support private investment in Venezuela and contribute to the reconstruction of its economy.

Under the terms announced by the White House, the US Department of Defense’s Office of Strategic Capital will receive a 35 percent equity stake in NABEP’s corporate parent, while the US Department of State will have the right to purchase 20 percent of the company’s production at cost and a right of first refusal over the remaining 80 percent.

The deal gives Washington a direct economic interest in a significant portion of Venezuela’s oil resources. The White House has said the arrangement is intended to secure a stable supply of oil for the United States while encouraging investment in Venezuela’s ageing energy infrastructure.

The scale of the proposed investment reflects the significant infrastructure requirements associated with restoring and expanding Venezuelan oil production. Industry analysts have noted that bringing additional production online will require substantial capital and rehabilitation of existing infrastructure, meaning the impact on global oil supply and US fuel prices is unlikely to be immediate.

NABEP is expected to focus its initial expansion programme on its operations in Lake Maracaibo and the Orinoco Belt, with the longer-term objective of increasing Venezuelan production and bringing additional crude volumes to international markets.