US Gains 100-Year Access to Venezuelan Oil

Venezuela's interim authorities have granted North American Blue Energy Partners concessions for 17 oil fields, with proven reserves of about 65 billion barrels—roughly one-fifth of Venezuela's total. The US government is deeply involved: the Pentagon receives a 35% stake in NABEP's parent company at no cost to taxpayers, the State Department can buy 20% of the oil at cost and has preferential rights to the remaining 80%, and the US can block board appointments, requiring most members to be US citizens. Chevron plans to invest $7 billion over five years, more than doubling production to 600,000 barrels per day by 2031. Fields previously operated by Chinese firms and a Russian state entity are now under US control. Italy's Eni signed a 25-year deal with PDVSA for the Junín-5 field in the Orinoco Belt, holding 35 billion barrels in reserves, currently producing only 12,000 barrels per day. The White House promises Venezuela around $200 billion in taxes and royalties over the first 25 years, but skepticism surrounds the $100 billion production recovery plan due to damaged infrastructure, unproven NABEP capabilities, and the possibility that significant growth may take a decade—or never materialize.