Experts, Lawyers Call for Transparency in U.S.-Venezuela Oil Deal

A long-term oil agreement between the United States and Venezuela has prompted calls for transparency from experts and legal professionals. Announced by U.S. President Donald Trump on August 28, 2026, and confirmed by Venezuela’s interim President Delcy Rodríguez, the deal grants the U.S. access to approximately 65 billion barrels of Venezuelan oil, representing about one-fifth of Venezuela’s crude reserves ^[1][2].

The agreement covers 17 oilfields in the Orinoco Belt and Lake Maracaibo regions and is expected to last at least 25 years under Venezuela’s Hydrocarbons Law ^[1]. The pact is projected to bring $100 billion in investment and generate $209.3 billion in royalties and taxes, yielding approximately $19 per barrel for Venezuela ^[1].

The U.S. would hold a 55 percent effective participation in the partnership, potentially increasing the share of Venezuelan oil exported to the U.S., which currently accounts for about 60 percent of Venezuela’s exports ^[1].

However, the agreement did not go through a competitive bidding process and was negotiated in secrecy amid broader reforms of Venezuela’s hydrocarbons law and renegotiation of existing joint ventures and contracts ^[1]. This lack of transparency has led to legal concerns about the deal’s legitimacy and execution, with experts and lawyers urging both governments to disclose the contract details ^[1][2].

North American Blue Energy Partners (NABEP), led by Venezuelan investor Alejandro Betancourt, is reported to be involved as a bridge between Caracas and Washington. However, the U.S. has not disclosed which companies will operate the oilfields ^[1].

Some analysts and former officials have criticized the lack of transparency, questioned the legality of the deal, and warned that it may weaken Venezuela’s institutional framework or be subject to future legal challenges ^[1][2].

What Is Known

The agreement grants the U.S. access to a significant portion of Venezuela’s oil reserves, covering 17 oilfields and lasting at least 25 years. It is expected to bring substantial investment and revenue to Venezuela, with the U.S. holding a majority participation in the partnership ^[1][2].

What Remains Unclear

The specific details of the contract, including the identity of the private companies involved and the exact financial terms, remain undisclosed. The legality and potential challenges to the agreement are also subjects of ongoing concern ^[1][2].