The deal, made possible by strengthening relations between Venezuela and the United States, is expected to involve nearly $100 billion in investment to commercialize more than 65 billion barrels of P1 reserves in Venezuela.
CARACAS, Venezuela, Sept. 1, 2026 /PRNewswire/ -- The United States Departments of State and War have reached an historic deal with North American Blue Energy Partners (NABEP) to significantly expand oil production in Venezuela. As part of the deal, NABEP will have operating control of the business, with the United States Government holding rights to a 35% stake in the company, alongside preferential access to 20% of the company's production at cost.
President Donald J. Trump announced the agreement on Truth Social as "the biggest oil deal in world history" and is demonstrative of the U.S. and Venezuelan governments deepening collaboration in the Venezuelan oil sector, bringing jobs and fiscal stability for Venezuelans and lower prices at the pump for Americans.
"Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential," said Alejandro Betancourt, CEO of NABEP. "This transaction will unleash that potential to the great benefit of both Venezuelans and Americans. We are grateful to President Donald J. Trump, Secretary Marco Rubio, Secretary Pete Hegseth, the United States Government, and to President Delcy Rodríguez and the Government of Venezuela, for their confidence in NABEP and their willingness to tackle this challenge with us. We look forward to pioneering a new and exciting path together."
This new venture is expected to bring tens of millions of additional barrels of Venezuelan oil to the global marketplace, thousands of well-paid jobs to Venezuela, and billions in incremental investment and broader economic activity to drive growth in Venezuela's recovering economy. Through the right to purchase 20% of the oil produced at cost, this venture will also ultimately deliver billions in savings for American consumers and secure a stable and growing strategic supply of oil in the Western Hemisphere. Through billions in purchases of oil infrastructure and equipment from U.S. suppliers, NABEP will also support thousands of manufacturing jobs in the United States.
Mr. Betancourt has been in the Venezuelan oil industry for more than 15 years with a consistent track record of success, most recently at the helm of NABEP, where he rapidly scaled the company's production from approximately 18,000 barrels per day to more than 200,000 barrels per day through roughly $1 billion in company-funded investment, making it the country's second-largest oil producer in just two years' time. Today, the company directly employs over 5,000 people and supports over 10,000 contractor employees across Venezuela.
Following these transactions, NABEP now controls the rights to commercialize more than 65 billion barrels of P1 reserves in Venezuela. NABEP is seeking to rapidly expand its operations in Lake Maracaibo and the Orinoco Belt with the near-term goal of increasing production to more than 1 million barrels of oil per day.
As it was announced, the program will involve nearly $100 billion in investment to increase production capacity and oil and gas infrastructure in Venezuela and will generate more than $209 billion in tax revenue for the Venezuelan state.
In a statement posted to X immediately following the announcement, U.S. Secretary of State Marco Rubio said: "This deal is a huge win for both the American and Venezuelan people. It demonstrates how President Trump'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 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."
About North American Blue Energy Partners
North American Blue Energy Partners (NABEP) is an independent oil exploration and production company operating in North and Latin America, with offices in Caracas, Maracaibo and Lechería. NABEP is committed to the responsible development of energy resources, the safety of its people, and the prosperity of the communities where it operates. www.nabep.net
Media contact
press@nabep.com
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