# US-Venezuela energy pact and oil reserve agreements > Live situation record from CLSTR: https://clstr.news/situations/us-administration-energy-and-gasoline-price-policy > Updated: 2026-08-31T18:57:36.000Z. Sources: 210. Developments: 2. The Trump administration has initiated efforts to address rising gasoline prices and energy market volatility through direct engagement with the oil industry. This initiative has evolved into a major agreement involving 17 Venezuelan oil fields containing approximately 65 billion barrels of reserves, representing about one-fifth of the country’s total proven reserves. Under the terms of the deal, the private firm North American Blue Energy Partners (NABEP), controlled by Venezuelan businessman Alejandro Betancourt, will receive a 100-year lease to exploit these fields. The U.S. government, through the Pentagon’s Office of Strategic Capital, will hold a 35% ownership stake in the venture. Additionally, the U.S. will secure 20% of the oil production at cost to replenish the Strategic Petroleum Reserve and maintain a right of first refusal for the remaining 80% of output during energy contingencies. Following the Venezuelan National Assembly’s approval, the pact has been formalized. Venezuelan authorities, led by interim president Delcy Rodríguez, have asserted that national sovereignty over the resources remains with the state. U.S. Energy Secretary Chris Wright, who visited Caracas to finalize details, noted that the strategy aims to increase private capital flow and enhance energy security. The agreement is expected to attract between $100 billion and $110 billion in investment and could generate up to $209 billion in fiscal revenue for Venezuela over 25 years. Major energy companies are responding to the framework. Chevron plans to expand operations with a $7 billion investment over five years to double its daily production to approximately 600,000 barrels. Eni has also signed a production participation contract in the Junín 5 block. However, companies like ExxonMobil and ConocoPhillips continue to express caution regarding NABEP and long-term legal stability. ## Claims - The proposed agreement has a duration of 100 years. (disputed by 17 sources) - The energy agreement is projected to more than double Venezuela's oil production. (disputed by 12 sources) - The energy agreement is projected to last 25 years and target production of over 1.5 million barrels per day. (disputed by 7 sources) - The US and Venezuela plan to increase local oil production to 1.5 million barrels per day (disputed by 3 sources) - The project involves 17 oil fields with reserves totaling 65 billion barrels. (corroborated by 33 sources) - The United States and Venezuela have struck a historic oil agreement. (corroborated by 28 sources) - The U.S. will secure 20% of the oil production and hold a right of first refusal for the remainder. (corroborated by 16 sources) - The U.S. government will acquire a 35% stake in the parent company of NABEP. (corroborated by 15 sources) ## Timeline ### 2026-08-31: Venezuela and U.S. sign major energy deal for 17 oil fields The U.S. and Venezuela have signed a historic energy agreement granting NABEP 100-year concessions for 17 oil fields, aiming to attract $100 billion in investment and double production. 204 sources. https://clstr.news/cluster/donald-trump-meets-oil-leaders-following-venezuela-energy-deal ### 2026-08-27: Donald Trump to meet with oil refiners to discuss lowering gasoline prices Donald Trump intends to meet with oil refiners, including Valero and Marathon Petroleum, to discuss lowering U.S. gasoline prices ahead of the midterm elections. 5 sources. https://clstr.news/cluster/donald-trump-to-meet-with-oil-refiners-to-discuss-lowering-gasoline-prices --- Cite as: US-Venezuela energy pact and oil reserve agreements. CLSTR, https://clstr.news/situations/us-administration-energy-and-gasoline-price-policy