Fact Sheet: Historic Oil Agreement

… <p><strong>SECURING STABLE &amp; LOW-COST OIL SUPPLY IN OUR HEMISPHERE: </strong>In the biggest oil deal in world history, President Donald J. Trump has secured U.S. majority control of more than 65 billion barrels of proven oil reserves in Venezuela – vastly expanding our current U.S. territorial proven reserves of roughly 46 billion barrels. This deal secures our energy dominance for the next century—all at zero cost to the United States. The deal, signed by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, gives the U.S. government powerful governance rights, economic ownership, and guaranteed low-cost off-take from a new private Venezuelan oil champion, which will be the second-largest private oil company by reserves in the world:</p> <ul class="wp-block-list"> <li>In connection with this agreement, the Venezuelan interim authorities have granted North American Blue Energy Partners (NABEP), a privately held oil company that is the second-largest private Venezuelan oil producer and a proven operator, 100-year concessions for 17 oil fields with proven reserves of approximately 65 billion barrels.</li> <li>At no cost to the American taxpayer, NABEP has granted the U.S. Department of War’s Office of Strategic Capital a 35% equity stake in its corporate parent, representing up to hundreds of billions in value and dividends for the United States.&nbsp;</li> <li>NABEP has granted the U.S. Department of State the right to purchase, at production cost, a guaranteed 20% of the off-take from all current and future fields NABEP will operate—ensuring a stable supply of low-cost oil that can facilitate refilling the Strategic Petroleum Reserve (SPR), which Joe Biden depleted to historic lows, and to provide supply for military and other sensitive uses.</li> …