Home›Commodities›Energy›U.S. deal secures a century of Venezuela oil in 100-ye…

U.S. deal secures a century of Venezuela oil in 100-year concession

The agreement covers 65 billion barrels of proven reserves across 17 fields, with a 100-year concession term and a 35% U.S. equity stake via the Department of War, according to OilPrice.

Reported · Written up by our desk · Energy

OilPrice says Washington has signed a deal that takes over more than a fifth of Venezuela’s oil reserves in a concession officially signed by U.S. Energy Secretary Chris Wright on Sept. 2.

The arrangement is set to cover 65 billion barrels of proven crude oil reserves across 17 fields, out of Venezuela’s total 303 billion barrels of proven reserves, and it runs for 100 years, a term far longer than typical modern oil concessions of 20 to 30 years.

OilPrice also highlights that North American Blue Energy Partners is the private entity behind the deal, and that it has become the second-largest private oil company by reserves after ExxonMobil. The story adds that the U.S. Department of War holds a 35% equity stake in the project.

The outlet notes that while the volume and duration are unprecedented in the modern era, questions remain about how workable the deal is and how it fits into President Donald Trump’s broader global oil market approach.

Latest closeWTI crude $90.70 ▲0.5%

More like this

Sources