17 fields
17 fieldsThe White HouseRecorded passage
100-year concessions for 17 oil fields
January 3 to September 8, 2026
Eight months after U.S. forces captured Maduro, the White House announced majority control of 65 billion barrels through a private operator. The instruments are a 35 percent stake, later called warrants, and a 20 percent purchase right. No contract has been published.
Story updated 2026-09-08.
This story rests on the January 3 press conference transcript, a Senate bill introduced February 11, the Friday Truth Social post, the White House fact sheet of August 31, a White House release of September 2, Executive Order 14373 and its fact sheet, Treasury's Venezuela general license 46D dated August 27, the company's own statement, Venezuelan foreign ministry pages, the 2026 hydrocarbons law text, Energy Information Administration series for crude prices, gasoline, U.S. proved reserves, and Venezuela production, ICIJ's September 3 report on the operator's owner, a CSIS analysis of the fact sheet, a Reuters wire copy on Chevron's arbitration rights, and coverage checked against those records.
On September 8 we searched whitehouse.gov, state.gov, nabep.net, the Venezuelan foreign ministry (MPPRE), and the Federal Register for a signed contract, term sheet, or concession list naming the 17 fields. None of those pages is the agreement itself.
The Washington Post pages, a September 2 Chevron story and the September 4 Betancourt investigation, are subscription stubs: headline, subhead, and an opening paragraph. Nothing from the rest of those articles is on this page.4755
January first, then Friday, then Monday
The August deal did not start in August. It followed the U.S. military capture of Venezuela's president on January 3, a January 6 oil arrangement that put Venezuelan oil money into accounts the United States controls, and a Senate bill that questioned that arrangement in February. The White House pages of August and September describe the deal without that history. It belongs at the top.4849
On January 3, 2026, at Mar-a-Lago, President Trump said the United States Armed Forces had "conducted an extraordinary military operation in the capital of Venezuela" and "successfully captured Maduro in the dead of night." Asked how the United States would run Venezuela, he said "we're going be running it with a group" and "We're going to rebuild the oil infrastructure, which will cost billions of dollars. It will be paid for by the oil companies directly." The operation's name, Operation Absolute Resolve, is in the chairman of the Joint Chiefs' remarks at the same event.48
recordOn February 11, Senators Schumer and Schiff introduced S. 3838, the "Venezuela Oil Proceeds Transparency Act." Its findings say that "on January 6, 2026, President Trump announced a United States-Venezuela energy deal under which the United States will market and sell Venezuelan oil and deposit proceeds into" accounts the bill calls U.S.-controlled, that proceeds "will first settle in United States controlled accounts at foreign banks," and that Secretary Rubio told the Foreign Relations Committee on January 28 there were plans for an "audit process" but "We haven't finalized what that audit process would be." The bill would order a Government Accountability Office audit of the January deal. It was referred to committee; no further action is in any record this story cites.49
recordThe Treasury accounts the bill describes are the ones Executive Order 14373 created on January 9, quoted at the end of this section. That order, general license 46D, and the August deal are one system: the United States sells the oil, holds the money, and now holds rights in the operator.3
On Friday, August 28, President Trump posted that the United States had "entered into an Agreement with the Country of Venezuela" on "THE BIGGEST OIL DEAL IN WORLD HISTORY," that the deal secured "majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer," that it "MORE THAN DOUBLES American Oil Reserves," and that it would "substantially lower Gas Prices for all Americans."31
recordThe same day, U.S. officials briefed a 55 percent figure. Politico recorded an official saying the United States would be "effectively controlling 55 percent of the venture’s output through a combination of equity ownership and guaranteed access to oil at cost."32
recordThe BBC, citing a U.S. official speaking to its partner CBS News, wrote that the U.S. government would "retain 55% control of a joint venture" with an experienced private operator in Venezuela.33
recordFox News, on August 29, wrote that the agreement would give the United States a "55% effective interest" in the output of a new private company, and cited AAA at "$4.08 per gallon for regular gasoline."34
recordAn Associated Press dispatch carried by KPBS put the same Friday brief as "55% effective output of the new private company," including an ownership stake and rights to buy oil at cost.35
recordOn Monday, August 31, the White House published the fact sheet. It says President Trump "has secured U.S. majority control of more than 65 billion barrels of proven oil reserves in Venezuela," compared with "roughly 46 billion barrels" of U.S. territorial proved reserves. It names the deal as signed by Secretary of State Marco Rubio and Secretary of War Pete Hegseth.1
recordThe same page says Venezuela's interim authorities granted North American Blue Energy Partners, which it calls a privately held oil company and the second-largest private Venezuelan producer, 100-year concessions for 17 oil fields with proved reserves of about 65 billion barrels.1
recordNABEP, the fact sheet says, granted the Department of War's Office of Strategic Capital a "35% equity stake in its corporate parent," "at no cost to the American taxpayer." Off-take here means the oil a buyer is entitled to take: the State Department received a right to buy, at production cost, a guaranteed 20 percent of output from current and future NABEP fields, and a right of first refusal on the remaining 80 percent. The 20 percent line names the Strategic Petroleum Reserve and military uses.1
recordThe U.S. government, the fact sheet says, has a veto over any board appointment, and a majority of NABEP's board must be U.S. citizens. The U.S. agreement with NABEP "is governed by U.S. law and is subject to the jurisdiction of U.S. courts."1
recordNABEP's own statement, dated August 31 from Caracas, says the United States Government is "holding rights to a 35% stake in the company," not "a 35% equity stake." Those are not the same sentence. On money and rank, NABEP says "nearly $100 billion" and calls itself the "second-largest oil producer"; the fact sheet says "up to $100 billion" and "second-largest private Venezuelan oil producer"; Rubio later called it "the largest private company that exists, after Chevron." The same NABEP page says the venture will bring "tens of millions of additional barrels," "billions in savings for American consumers," and that NABEP "controls the rights to commercialize more than 65 billion barrels of P1 reserves" (P1 means proved).6129
recordThe Rubio ranking sits in a State Department transcript of September 1.29
The fact sheet also says NABEP's concessions "are governed by Venezuela’s new hydrocarbons law, adopted with U.S. support," and that "the majority of the incremental oil fields to be operated by NABEP were previously controlled or operated by Russian and Chinese firms, or by corrupt cronies of Maduro and Chavez."1
recordOn money, the White House expects "$200 billion in royalty and tax payments over the first 25 years." NABEP says "more than $209 billion in tax revenue for the Venezuelan state." The August 28 ministry page projects more than $209 billion in "tributos" (taxes) for the Venezuelan state. Rodríguez's later address gives $209.335 billion ("209 mil 335 millones de dólares") at a $65 reference oil price, about $19 a barrel. Those are different labels on different pages. None of them is in any contract this story cites.1678
recordThe ministry "tributos" line, NABEP's $209 billion line, and Rodríguez's $209.335 billion line sit on their own pages.768
Venezuela's foreign ministry posted on August 28 that President Delcy Rodríguez had announced a "histórico acuerdo estratégico con el Gobierno de los Estados Unidos" (a historic strategic agreement with the government of the United States). The ministry page says the agreement contemplates more than $100 billion in direct investment and more than $209 billion in taxes for the Venezuelan state, and "participación directa de operadores privados para incrementar sustancialmente la capacidad de extracción y refinación" (direct participation by private operators to raise extraction and refining capacity substantially).7
recordIn a later address posted by the same ministry, Rodríguez described "este proyecto binacional, suscrito por 25 años" (this binational project, signed for 25 years), with a production goal "superior a 1.5 millones de barriles diarios" (more than 1.5 million barrels a day) from 17 strategic fields. She said "Venezuela conserva la propiedad y la soberanía sobre sus recursos" (Venezuela keeps ownership and sovereignty over its resources). She named "Chevron, Repsol, Eni, Shell, BP" among operators. She described minimum royalties of 16 percent and income tax of 34 percent on eight "greenfields" (greenfield here means a block with no production yet) in the Orinoco belt.8
recordFour days before the fact sheet, on August 27, the Treasury's Office of Foreign Assets Control replaced Venezuela general license 46C with general license 46D. The blocking regime forbids dealing with the Venezuelan government and PdVSA; a general license is a standing exception. 46D authorizes established U.S. entities "organized under the laws of the United States" on or before January 29, 2025, to lift, sell, transport, and refine Venezuelan-origin oil for import into the United States, if payments to blocked persons (other than local taxes and fees) go into the Foreign Government Deposit Funds created by Executive Order 14373 (Treasury accounts that hold Venezuela's oil money so courts cannot seize it), or another account Treasury names.4
recordParagraph (b) of 46D bars transactions involving persons in the "Russian Federation, the Islamic Republic of Iran," North Korea, or Cuba, and entities owned or controlled by or in joint venture with China-linked persons. Paragraphs (c) and (d) require reports on certain non-U.S. exports "ten days after" the first such transaction and "every 90 days" while they continue.4
recordThat order, signed January 9, 2026, is Executive Order 14373. It says the United States Government will hold the Foreign Government Deposit Funds "solely in a custodial and governmental capacity," and that the funds "constitute property of the Government of Venezuela."3
recordProduction, reserves, licenses
The Energy Information Administration's August 2026 Short-Term Energy Outlook, with a forecast date of August 6, puts Venezuela's crude oil production at 1.15 million barrels a day in July 2026, up from 0.8 million in January. That is the country total, not NABEP's share.13
official dataSaved STEO workbook, sheet 3dtab, row labeled Venezuela, columns for 2026. January is 0.8. July is 1.15. Values are million barrels per day. The Outlook says EIA finished modeling on Thursday, August 6, 2026. August 2026 and later months on that row are blank in the saved file.
NABEP's near-term goal is more than 1 million barrels a day. Rodríguez put the 17-field goal above 1.5 million. The September 2 White House release says the private company "already produces 250K barrels of oil a day," about 21.7 percent of EIA's July country total. Those are different issuers and different dates.628
recordRodríguez's 1.5 million line is on the ministry address. The White House's 250,000 line is on the September 2 release.82
The White House compares the 65 billion barrels to "roughly 46 billion barrels" of U.S. territorial proved reserves. EIA's crude oil and natural gas proved reserves report for year-end 2024, released April 7, 2026, puts U.S. crude oil and lease condensate proved reserves at 46.0 billion barrels, down 1 percent from 46.4 billion at year-end 2023. EIA's older annual table, last released December 30, 2022, still shows 41,151 million barrels at year-end 2021. The 46 billion line matches the 2024 report, not the 2021 table.27141
official dataThe Venezuelan side of that comparison has a denominator too. EIA's Country Analysis Brief for Venezuela, last updated February 8, 2024, says the country "had the world's largest proven crude oil reserves in 2023 with approximately 303 billion barrels," about 17 percent of the world's, and that "Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt," which "requires a higher level of technical expertise." The 65 billion barrels the White House names would be 21.5 percent of that country figure. The two numbers are not the same kind: EIA's is a country estimate it attributes to reported reserves, and the 65 billion is the deal parties' description of 17 unnamed fields.53
official data65 divided by 303, times 100, rounded to one decimal: 21.5 percent. EIA's brief reports 303 billion barrels for 2023 as the country's proved reserves. The fact sheet's 65 billion has no field schedule, reserve auditor, or effective date on any page we hold. Years to lift 65 billion barrels at 1.5 million a day: 65,000,000,000 divided by 1,500,000 divided by 365.25 is 118.6.
Arithmetic on the parties' own numbers: 65 billion barrels at Rodríguez's goal of 1.5 million a day would take 118.6 years to produce, before decline, downtime, or recovery limits. That is roughly the White House's century, and it is why the word proven matters. Oil in the ground, oil that can be recovered, oil that counts as proved at a price, and oil a field can lift each day are four different numbers; the records this story cites give the first as a claim and the last not at all. CSIS puts NABEP's three existing joint ventures at about 124,000 barrels a day by "conservative independent estimates," calls the 1.5 million goal "a long-term and optimistic assessment," and names ports and the power grid as constraints; eight of the 17 fields are greenfields with no production. EIA's brief says the Orinoco extra-heavy crude "requires a higher level of technical expertise," which in practice means diluent, upgraders, and refineries built to run it. Three parties repeating one figure are one lineage, not three.815953
Reuters, as carried by Investing.com (the reuters.com page could not be opened), reported that "NABEP is expected to control a total of 17 projects" and that "Fourteen of those projects will be newly granted." Officials said five of the 14 had been operated by Chinese companies, including China Concord Resources and Sinopec, and one by a Russian company. Rubio separately said "of these 17 fields, the vast majority were controlled by Chinese or Russian interests."4029
recordThe fact sheet's own Chinese and Russian line is quoted in What happened. Rubio's "vast majority" line is on the State transcript.129
Reuters via MarketScreener, on September 3, put Venezuela production at "about 1.25 million barrels per day." That is a different issuer from EIA's July 1.15 million.42
recordOFAC's August 27 action list also amended licenses covering diluents, oil-and-gas operations of certain entities, minerals, PdVSA, and telecommunications. The blocking regime on Venezuela and PdVSA remains; the licenses are the holes in it. 46D does not name NABEP, and it does not expire on its face.5
recordRefiners, Chevron, drivers, Caracas
AAA's national average for regular gasoline was $4.08 that weekend, per Fox. EIA's weekly series for all grades for the week ending August 31 is $4.207. Those are different grade baskets.3412
recordThe fact sheet says "millions of barrels of new Venezuelan output will be processed through U.S. refineries and pumped with American rigs and infrastructure." It does not name a refiner.1
recordChevron is not the concessionaire in the fact sheet. AP's Chevron story, and PBS quoting a U.S. official, said Chevron was expected to expand in Venezuela. Rodríguez, on a ministry page dated around Wright's visit, celebrated Chevron expanding its presence. Reuters separately reported that Chevron, India's ONGC, and GE Vernova were on track to sign final pacts, according to sources. Those are other tracks. They are not the 17-field NABEP concession the fact sheet describes.22231024
recordObregón told El País that part of the money goes to Treasury-controlled accounts "to protect them from creditors." Which creditors, the deal pages do not say. Reuters, as carried by BOE Report on September 8, reported that Chevron "received the right to international arbitration as part of its new contract terms," and that arbitration has been a key requirement of "ExxonMobil and ConocoPhillips, which exited Venezuela in 2007 when their assets were nationalized and say they are still owed money." Read together, the design gives new investors a court to sue in while placing the oil money where older claimants cannot reach it. That is a choice in the design, not a bookkeeping detail, and no record this story cites defends or explains it.5160
NABEP's statement says Alejandro Betancourt scaled the company from about 18,000 barrels a day to more than 200,000, with about $1 billion of company-funded investment, and that the company employs more than 5,000 people and supports more than 10,000 contractors.6
recordCBS, Al Jazeera, and France 24 name Betancourt as the executive behind NABEP. The White House fact sheet does not. Dow Jones reported that he "faced criminal investigations of alleged money laundering in Spain and Switzerland, though no formal charges have emerged." Rubio, asked about him, said "there was no investigation within our system against him." It does not adjudicate them.183629
recordDow Jones's past tense understates the present. ICIJ reported on September 3 that Betancourt is "under investigation in Spain and Switzerland on suspicion of laundering billions of dollars out of Venezuela," that as recently as May he was living in Britain and "fighting a Swiss extradition request," citing the Financial Times, that Spanish authorities were investigating his company Derwick Associates, and that in 2018, when the Justice Department charged a Derwick executive in a $1.2 billion bribery and money-laundering case, Betancourt "was cited in the criminal complaint as an unnamed co-conspirator," citing the Miami Herald. Bank reports leaked in 2020 flagged $7.6 million of Derwick transactions as suspicious. Those are investigations and reports. No charge against him appears in any record this story cites, and Rubio's "no investigation within our system" is a statement about the United States. His own response is not in any record this story cites. Why it weighs: this is the person given, without a competitive process, fields the parties say hold a fifth of the country's reserves.582938
recordFrance 24 and Al Jazeera also name him. The Dow Jones money-laundering line and Rubio's "no investigation" line sit on their own pins.30173629
Reuters, as carried by Investing.com, also notes NABEP was previously owned by U.S. tycoon Harry Sargeant.40
recordThe operator was not a bystander to the design. Dow Jones, carrying the Journal, reported that "When U.S. energy companies resisted investing at the speed and scale he wanted, his administration devised an extraordinary solution": make the U.S. government a shareholder in a private operator. It reported that "The private company structure was deliberately intended to bind future Venezuelan governments to the agreement and make it difficult to unwind," and that officials saw the deal as a way to insulate Americans from Middle East turmoil "ahead of November's midterm elections." Those are the Journal's sources' accounts of motive. The White House pages do not state a motive beyond energy dominance and Venezuela's recovery.36
recordThe Washington Post published a September 4 investigation headlined "Trump's huge Venezuela deal began with a call and a bet on an oilman," opening with "a Trump administration emissary" pitching Betancourt in March. Only that opening could be read. What the rest of the article reports about Betancourt's role is not in any record this story cites.55
NABEP's own contact page lists its headquarters under Caracas, with offices in Maracaibo and Lechería in Venezuela and "Bridgetown (Barbados)." Coverage calling the company Barbados-headquartered is not what the company's page says; the page names Caracas first. Where the company is legally organized is still not in any record this story cites.54
recordOn sovereignty, Rodríguez's own address is the primary: "Venezuela conserva la propiedad y la soberanía sobre sus recursos." The Guardian's English record of the reaction is "outrage, both among members of Venezuela’s opposition and within the Chavismo political movement."825
recordOn September 3, opposition leader María Corina Machado said in a video, as the Guardian recorded it, "The wealth of our subsoil does not belong to an illegitimate regime," and that the United States is the "principal partner Venezuela needs." Reuters via MarketScreener recorded her saying the United States is "the principal partner Venezuela needs to fully develop its strategic potential," and that "the enemies of the United States in Venezuela are sitting in Miraflores" (the presidential palace).4142
recordThe longer MarketScreener lines sit on that pin.42
Her support came with questions. OilPrice recorded that Machado "questions who has the authority to sign the sweeping agreement," that "the scope of the agreement remains unclear, including who is signing it, who will finance it, what guarantees investors would receive and how Venezuelans would benefit," and that she "promoted a development model built around publicly approved rules and competitive bidding." The two quotations above are the part of her statement the English wires carried; the questions are the part they mostly did not.46
recordOn the U.S. side, the Associated Press fact-sheet story recorded Sen. Jack Reed, the top Democrat on Senate Armed Services, rejecting a deal that uses the military to boost a private oil venture, and Rep. Rick Crawford, the Republican chairman of the House Intelligence Committee, wanting details "hopefully sooner rather than later."15
recordReed's own Senate statement called the effort "a blatant abuse of power and taxpayer dollars."43
recordThe same week's AP roundup also recorded Sen. Bernie Moreno calling it a historic deal that helps both countries, Sen. Tim Kaine branding it "corruption at epic scale," and Sen. Chris Van Hollen saying Trump "put our service members at risk to get Venezuelan oil for his billionaire buddies."44
recordFox News, in a piece published September 1, recorded FL Senate candidate Angie Nixon calling the Venezuela deal a push toward communism. That is her statement, as Fox recorded it. It is not a House or Senate roll call. No floor vote on this deal is in any record this story cites.26
recordThe coverage
Outlets write Defense Department and Defense Secretary; the White House writes War. Both name the same person, Pete Hegseth.151
The Associated Press matched the fact sheet on 17 fields, 65 billion barrels, the 35 percent Pentagon stake, and the 20 percent State purchase right at cost. It called NABEP a joint venture the White House had withheld. The fact sheet describes equity in NABEP's parent, not the creation of a new joint-venture company. AP's $4.08 pump average tracks AAA's regular-grade figure, not the EIA all-grades weekly series.1534
checkedThe Hill put the 65 billion barrels at "about 21 percent of Venezuela’s total estimated oil," and reported the 20 percent purchase right. The fact sheet states no country total; EIA's 303 billion gives 21.5 percent, so The Hill's share checks out against EIA. The 20 percent right checks out.16531
checkedAl Jazeera matched 17 fields, 65 billion barrels, $100 billion, and the 35 percent stake. Its one-fifth sentence folds the fields' country share into the Pentagon stake, a looser join than CBS kept. The title point (Defense versus War) is covered once at the top of this section, not as an Al Jazeera-only miss.17
checkedCBS split the one-fifth and the 35 percent correctly. It quoted NABEP at more than 200,000 barrels a day, against the White House's later 250,000. It recorded Rodríguez calling the arrangement a 25-year deal. That 25-year line checks out against her ministry address ("suscrito por 25 años"). It is not the 100-year concession in the fact sheet.188
checkedNPR used an Associated Press dispatch: a private company as a joint venture with NABEP, owned by Betancourt. Same joint-venture wording as AP. The fact sheet does not use "joint venture."201
checkedReuters (via Investing.com) reconciled 14 and 17: fourteen newly granted projects inside a 17-project total, and named prior Chinese and Russian operators. That is the reconciliation the earlier two-counts line lacked.40
checkedCBS, on gasoline, wrote that the deal would not ease U.S. pump prices quickly. That is the outlet's conclusion. The EIA weekly average for the fact-sheet week was $4.207, a cent below the prior week, and WTI's daily spot was higher the next session; neither tests the promise, whose own timeline is next year. The fact sheet does not give a pump-price number.1912
checkedFour claims, examined; two not yet testable
The claim: the deal "MORE THAN DOUBLES American Oil Reserves." The record: 65 billion barrels in Venezuela plus EIA's 46.0 billion U.S. barrels is control claimed over foreign reserves, not a change in U.S. proved reserves counted by territory. EIA's year-end 2024 table is still 46.0 billion.3127
checkedThe claim: "substantially lower Gas Prices." The record: not yet testable. The White House's own release says "By the end of the year, there will be at-cost oil flowing to the market" and material production comes "as soon as early next year," so the week of the announcement cannot test the promise either way. The EIA weekly series for that week is $4.207, a cent below the week before, and crude rose the next session on Iran and Hormuz news. Neither number is evidence for or against the claim. The test is the weekly series once the promised barrels are flowing, and even then barrels do not set a pump price by themselves: volume, timing, which refineries can run extra-heavy crude, and what the world market does in the meantime all sit between the field and the pump.31212
checkedThe claim: the September 2 line that the deal "helps deliver lower gas prices." The record: the same open question, on the same timeline. AAA regular was $4.08 that weekend. El País records Monaldi's point that the Strategic Petroleum Reserve "cannot be replenished with heavy crude," which bears on where the 20 percent off-take can go.23451
checkedThe claim: U.S. majority control of more than 65 billion barrels, at zero cost. The record: the fact sheet lists a 35 percent equity stake in NABEP's parent, a 20 percent cost-price purchase right, a board veto, a U.S.-citizen board majority, and U.S. law and courts. Friday's briefers added those instruments into 55 percent effective output. Later officials described the 35 percent as warrants. "Zero cost" in the fact sheet is "at no cost to the American taxpayer" for the equity line. What it leaves out is not defined in any record this story cites: who supplies the "up to $100 billion" of investment; whether any U.S. loan, guarantee, or insurance stands behind it; what "production cost" includes when the State Department buys its 20 percent (financing, upgrading, diluent for extra-heavy crude); who audits that cost beyond Rubio's "through KPMG"; what happens if the United States declines its 20 percent; and how it collects "dividends before the warrants are ever exercised," which a Reuters copy reports and an ordinary warrant does not do. Until the warrant and shareholder papers appear, "zero cost" is not disproved; it is undefined.13812939
checkedThe days around the fact sheet
West Texas Intermediate at Cushing, from the EIA daily spot series as published September 8, was $84.57 on Friday, August 28; $87.03 on Monday, August 31, the fact-sheet date; and $91.48 on Tuesday, September 1. That is a rise of $4.45 from Monday to Tuesday. Coverage that week also recorded Iran-war and Hormuz pressure on prices: Fox wrote that "disruptions to global energy markets from the Iran war continue to push up prices," and the BBC wrote that supply via the "Strait of Hormuz" had been stymied. The EIA series does not state a cause.113433
official dataThe Iran and Hormuz lines sit on those pins.3433
Saved EIA daily Cushing spot series, from the St. Louis Fed, dated September 8. Tuesday 91.48 minus Monday 87.03 equals 4.45. Fox: "Iran war continue to push up prices." BBC: "Strait of Hormuz." The series does not state a cause.3433
The EIA weekly U.S. average for all grades and formulations was $4.218 for the week ending August 24 and $4.207 for the week ending August 31, a change of -0.011 dollars a gallon.12
official dataWarrants, September 2, Wright
Saturday, August 29: Dow Jones, carrying the Wall Street Journal exclusive, reported the Pentagon's Office of Strategic Capital planned to "structure the investment through penny warrants" for a "35% passive stake," and named "OSC Director David Lorch" on a July Caracas trip. Semafor later recorded that a Pentagon spokesman initially told Reuters the office "does not take equity stakes" (the Reuters original could not be opened; Semafor's account is the one this story cites).3637
recordSemafor's no-equity line and Lorch's name sit on those pins.3736
Monday, August 31: the fact sheet said "35% equity stake."1
recordTuesday: a U.S. official told reporters the legal authority "was granted to the OSC when it was created by statute during the Biden administration." Semafor also records the office defining "capital assistance" as "issuing and guaranteeing loans plus offering technical assistance."37
recordThe statute is 10 U.S.C. 149. It lets the office's director "provide loans or loan guarantees" and "technical assistance," each only "To the extent and in such amounts as specifically provided in advance in appropriations Acts," and it defines the term itself: capital assistance "means a loan, loan guarantee, or technical assistance." The words equity, shares, and warrants do not appear in the section. That does not settle whether another authority covers the warrants; it does mean the authority the official pointed to does not name them.52
recordThursday, September 4: a U.S. official told Reuters, as carried by BOE Report, that the 35 percent is "penny warrants," "the right but not the obligation to buy the equity at a later date," structured against dilution, and that the concessions were awarded "without a competitive process."38
recordThe same Reuters text, as carried by Investing.com, says the arrangement entitles the United States to "dividends before the warrants are ever exercised" and gives "all the benefits of being an equity holder today."39
recordThat Investing.com copy also says the Pentagon holds a "right of first offer" on NABEP's oil (offer means a first chance to buy before others). The fact sheet's term is "right of first refusal." Two different terms from two official sources.391
Rubio, on September 1, said "we have a special account that can take possession of certain percentages of these types of things," and that the United States can conduct, "through KPMG, audits of all the money that is being generated at this time."29
recordOn September 2 the White House posted a follow-up. It says the deal is "virtually identical to the way that Chevron operates" in Venezuela; "Any amounts that NABEP allocates to PDVSA will go through the US-managed and audited account"; the 17 fields "were not in the hands of or being operated by Venezuelans"; and this is a "U.S. law contract that was negotiated with U.S. law firms and auditors." It also repeats that the deal is "not the Venezuelan interim government," and says material production from the off-take rights will come to the United States "as soon as early next year," while the same page says "By the end of the year, there will be at-cost oil flowing to the market."2
recordMechanics the fact sheet names and the earlier page left out: the arrangement represents "hundreds of billions in value and dividends" for the United States; "the majority of Venezuela's oil fields are not producing or vastly underproducing"; the deal sits with "banking reform, payment oversight and financial monitorship"; and U.S.-sponsored reconciliation includes "significant reforms to the Venezuelan judiciary," release of political prisoners, and earthquake reconstruction finance.1
recordThe Energy Department's fact sheet says "On September 2, 2026, Secretary Wright traveled to Venezuela" to oversee signings with Chevron, Eni, and GE Vernova. Chevron is to unlock "more than $7 billion over the next five years" and more than double production to "600,000 barrels per day." Eni and PDVSA signed a 25-year contract for "Junín 5." GE Vernova plans "1 gigawatt" of new power within 24 months. The page says the investments will "double Venezuela’s oil production in less than five years."28
recordVenezuela's foreign ministry page on Wright is dated "01-09-2026" and says he "arribó este martes" (arrived this Tuesday) at Simón Bolívar International Airport in La Guaira. DOE says September 2. The page records both dates with their issuers.9
recordThe same ministry page says proceeds go to "servicios públicos, la salud, la educación y la infraestructura nacional" (public services, health, education, and national infrastructure).9
recordAfter meeting Wright, Rodríguez said Venezuela has a "marco legal, regulatorio" (legal and regulatory framework) that lets it take investment, and the page names Eni alongside Chevron.10
recordOn Tuesday, September 1, the Guardian recorded that "The agreement was backed by Venezuela's national assembly," which it describes as "dominated by the ruling United Socialist party," after Rodríguez defended it at the weekend. AFP recorded the Assembly's president, Jorge Rodríguez, her brother, asking "Who benefits from this oil if it stays underground?" A show of support in the Assembly is not the contract, and no record this story cites says the Assembly saw the contract's text.5657
recordThe 2026 hydrocarbons law says the competent public body, in selecting operators, "promoverá la concurrencia de diversas ofertas" (shall promote competing offers), and that direct selection is allowed "previa aprobación del Consejo de Ministros" (with prior approval of the Council of Ministers) for reasons of public interest or special circumstances. A U.S. official told Reuters the concessions were awarded "without a competitive process." No Council of Ministers approval is in any record this story cites.4538
recordOn September 7, PDVSA's president Héctor Obregón said the contract is signed for 25 years and can be renewed "por períodos similares," and described it as three-party: NABEP signs with Venezuela, and the U.S. government holds a 35 percent shareholding in NABEP. Oil minister Paula Henao, the same dispatch says, put current production at 1,236,000 barrels a day.50
recordEl País, on September 8, carried Obregón in English: "The contract has been signed for 25 years, but by mutual agreement it can be renewed for similar periods until it reaches whatever duration is deemed appropriate." It also reported that the signed August 28 agreement "has not been made public," and quoted Obregón saying part of the funds go to accounts controlled by the U.S. Treasury "to protect them from creditors," while "we administer the funds and issue the payment orders."51
recordMachado's September 3 video, already quoted in Who feels it, is the named opposition reaction that week.41
recordWatching: whether the contract or a Federal Register notice appears; whether S. 3838 or any audit of the January accounts moves; whether OFAC names NABEP in a license; whether EIA's next Short-Term Energy Outlook, after August 6, raises Venezuela's crude line; whether the September reconciliation meetings produce a public text; and whether the Swiss extradition case against Betancourt moves.1458
Open questions
Sources
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100-year concessions for 17 oil fields
35% equity stake in its corporate parent
guaranteed 20% of the off-take
effectively controlling 55 percent of the venture’s output
proven reserves of approximately 65 billion barrels
,84.57
,87.03
,91.48
,4.218
,4.207
$4.08 per gallon for regular gasoline
2026,Jul,1.15
46.0 billion barrels at year-end 2024
41,151
1.5 millones de barriles diarios
more than 1 million barrels of oil per day
1.25 million barrels per day