The White House released a fact sheet outlining an arrangement where private oil firm North American Blue Energy Partners (NABEP) would receive a 100-year lease for 17 oilfields in Venezuela holding approximately 65 billion barrels of oil reserves. ^[1] Under the deal, the U.S. will take a 35% equity stake in the corporate parent company of NABEP, receive a guaranteed 20% of the oil production, and hold a right-of-first-refusal to purchase all remaining output. ^[2] On August 28, 2026, US President Donald Trump announced a deal granting the United States majority control over more than 65 billion barrels of proven oil reserves in Venezuela spread across 17 oil fields. ^[3] The United States government secured a 35% stake in the company and is guaranteed 20% of the production, with preference to purchase the remaining barrels. ^[4] A person involved in preparations for an event where energy contracts are expected to be signed this week stated that oil majors and large foreign companies negotiating contract migrations want to make sure they will not be seated at the same table with Betancourt. ^[5] NABEP is controlled by Venezuelan businessman Alejandro Betancourt, who has been the subject of investigations by U.S. and European authorities following past dealings with the Venezuelan government, although he was never charged. ^[6] Caracas expects at least $209 billion in tax revenues over the 25-year term of the agreement. ^[7] President Trump described the agreement as 'THE BIGGEST OIL DEAL IN WORLD HISTORY' and stated that it was secured 'at no cost to the American taxpayer.' ^[8] The deal blocks access to Venezuelan and Iranian oil sources for China, creating a geopolitical advantage for the United States in its rivalry with Beijing. ^[9] Major US energy companies, including ConocoPhillips and ExxonMobil, have remained cautious about investing in Venezuela since abandoning the market in 2007 following the nationalization of assets under Hugo Chávez. ^[10] Reuters reported that Nabep is controlled by Venezuelan entrepreneur Alejandro Betancourt, who has been under investigation in the US and Europe for alleged links to the Venezuelan government. ^[11] Quiroz Serrano argues that the agreement is legally null because it violates Venezuela's Organic Hydrocarbons Law, the Constitution (Articles 12, 150, 302, 303), and the Vienna Convention. ^[12]