Trump announces energy deal securing 500 years of Venezuelan oil reserves

During a speech at the Republican National Convention in Texas, Donald Trump announced an energy agreement between the United States and Venezuela that secures access to approximately 65 billion barrels of proven oil reserves. Trump stated that these reserves could provide a 500-year supply for the United States, claiming, “65 billion barrels are ours. And do you know what they say? Their useful life? 500 years.”

The agreement, which was reportedly announced in late August, involves the exploitation and development of 17 Venezuelan oil fields. Under the terms of the pact, the private company North American Blue Energy Partners (NABEP) has been granted 100-year concessions. The deal also includes governance rights and economic participation for the United States government.

Trump highlighted the ease of extraction in Venezuela compared to the high costs and complexities faced by major oil companies like Exxon and Chevron when searching for new deposits globally. He described the Venezuelan landscape as being “soaked in oil,” suggesting that the abundance of existing reserves offers a significant strategic advantage for U.S. energy interests.