What are the key terms of the U.S.-Venezuela oil deal involving North American Blue Energy Partners (NABEP)?

The deal grants NABEP a 100-year lease for 17 Venezuelan oilfields holding approximately 65 billion barrels of reserves; the U.S. government receives a 35% equity stake in NABEP’s corporate parent, a guaranteed 20% share of oil production, and a right-of-first-refusal to purchase all remaining output.

Why are major U.S. oil companies like ExxonMobil and ConocoPhillips hesitant to invest in Venezuela despite Trump’s announcement?

Both companies left Venezuela in 2007 after asset nationalization under Hugo Chávez and have consistently stated that their return depends on meeting strict conditions—including legal certainty and contract sanctity—which they say have not yet been fulfilled; ExxonMobil declined to comment on Trump’s claim that it is entering Venezuela, while ConocoPhillips reiterated that any investment decision hinges on policy stability and adherence to the rule of law.

Trump's Oil Deal with Venezuela Raises Red Flags for Major Producers, Sources Say

Aug 31, 2026

The White House announced a deal granting a private firm access to Venezuelan oil reserves with a U.S. equity stake, raising concerns among major oil producers like ExxonMobil over legal certainty. Chevron continues separate negotiations for energy projects.

reuters

2026-01-06

Chevron Commences Production at Angola Offshore Platform

2026-01-16

US Oil Firms Cautious About Returning to Venezuela

2026-01-27

Turkey and Chevron Advance Oil and Gas Exploration Cooperation

2026-04-26

Chevron CEO Says Venezuela Must Do More for Oil Industry Revival

2026-04-28

Libya Signs Preliminary Agreement with Chevron to Assess Shale Oil and Gas Resources