The agreement grants the United States the right to extract 65 billion barrels of Venezuelan oil across 17 fields for a duration of 100 years. ^[1] The Trump administration announced a pact with Venezuela to reinvigorate the country's oil industry, granting the United States control over a significant portion of its reserves. ^[2] Chris Wright, US Secretary of Energy, said in a CNBC interview from Caracas that Washington will supervise the operations of North American Blue Energy Partners (Nabep) in Venezuelan oil fields to ensure the company complies with 'laws and contracts.' ^[3] US Energy Secretary Chris Wright arrived in Venezuela on September 2, 2026, to meet with President Delcy Rodríguez and sign agreements related to the hydrocarbon sector. ^[4] North American Blue Energy Partners (NABEP) will operate 100-year concessions on 17 oil fields with proven reserves of approximately 65 billion barrels in Venezuela. ^[5] US Secretary of Energy Chris Wright and interim President Delcy Rodríguez met in Caracas on 2026-07-15 to defend the designation of North American Blue Energy Partners (NABEP) as a key player in an unprecedented energy agreement. ^[6] A new private entity, North American Blue Energy Partners (NABEP), will manage the operations with a 35% stake held by the Pentagon's Office of Strategic Capital. ^[7] NABEP agreed to invest 100 billion dollars in new oil infrastructure to rehabilitate the Venezuelan extraction system. ^[8] According to the US government, the agreement covers 17 oil fields containing about 65 billion barrels of crude, roughly a fifth of Venezuela's reserves. ^[9] In 2026, US Energy Secretary Chris Wright arrived in Caracas to sign a new contract with Chevron and announce substantial expansion of operations in the Orinoco Belt, received at Maiquetía airport by Venezuelan Hydrocarbons Minister Paula Henao and US charge d'affaires John Barrett. ^[10] The duration of the agreement is disputed: Washington describes it as a century-long project, while Venezuelan acting president Delcy Rodríguez says it is 25 years and aims for production above 1.5 million barrels per day. ^[11] The Trump administration says the deal gives Washington economic and governance rights, including a 35% stake for the US Defense Department in the operator's parent company, veto power over certain board appointments with a US citizen majority, and the right to acquire 20% of production at cost with preemptive rights on remaining volume. ^[12]