Venezuela-U.S. oil agreement faces legal and logistical challenges

A proposed oil agreement between the United States and Venezuela, involving the control of 17 oil fields in the Orinoco Belt and Lake Maracaibo, faces significant legal and logistical challenges. The deal involves North American Blue Energy Partners (NABEP), a private entity reportedly linked to Alejandro Betancourt, which would manage fields containing approximately 65 billion barrels of oil. Under the proposed terms, the U.S. Department of Defense would hold a 35% stake in NABEP and receive 20% of produced oil at cost for emergency reserves.

Legal experts have raised concerns regarding the compatibility of the deal with Venezuelan law. Specifically, Venezuelan legislation does not permit the type of concessions described, as only PDVSA and joint ventures hold such rights. Furthermore, the proposed 100-year term exceeds the maximum legal limit of 25 years plus a possible 15-year extension.

The uncertainty surrounding the pact threatens existing international operations, including those of the Spanish company Repsol, which has long-standing interests in Venezuelan joint ventures. Critics argue that without a clear legal roadmap, stable regulations, or guaranteed security, the agreement may struggle to attract the necessary foreign capital to reconstruct the industry.