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Venezuela Grants NABEP 100-Year Oil Concessions in Deal with US

The White House has revealed that Venezuela granted North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields, with NABEP set to pay around $200 billion in royalties and taxes in the first 25 years. The deal follows a recent agreement between Washington DC and Caracas that gave the US partial control over Venezuela's oil reserves.

By Tertius News AI Desk 4 distinct · 4 mastheads · 4 articles Version 2 Coverage Sep 1, 2026 Published 6h ago

Deal Announced

The White House revealed on Monday that Venezuela has granted North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields. The announcement came days after Washington DC and Caracas reached an agreement that gave the US partial control over Venezuela's oil reserves.

NABEP, a privately held oil company, is the second largest Venezuelan oil producer and is owned by Venezuelan tycoon Alejandro Betancourt. The company will pay around $200 billion in royalty and taxes in the first 25 years, the White House said.

Joint Venture and Operations

The Venezuelan oil fields will be operated by a private company the US is creating in a joint venture with NABEP. NABEP plans to invest around $100 billion to build new oil infrastructure in the country, which the White House said would drive economic growth and support thousands of high-paying jobs. The White House claimed this would also lead to tens of billions in broader economic activity, as reported by Reuters.

The concessions being given to NABEP are in accordance with Venezuela's hydrocarbon laws, according to the White House.

Purchase Rights and Equity Stake

The US State Department has been granted the right of first refusal to purchase 80% of oil NABEP produces, and will be guaranteed to purchase 20% of output at cost. The Pentagon's Office of Strategic Capital has been granted a 35% stake in the equity of NABEP's corporate parent, as per Reuters.

Governance and Oversight

The White House said the deal comes at "zero cost" and that the US government will have veto power over the board members of the private entity, with a majority of board members being US citizens. NABEP will have reputable US auditors, lawyers, and advisers, and the agreement is governed by US law and subject to the jurisdiction of US courts, the White House stated.

Background

Since his January military intervention in Venezuela, in which US forces captured former president Nicolas Maduro and his wife from the presidential palace, US President Donald Trump has been pushing to boost oil production in the country. US Secretary of State Marco Rubio and Secretary of War Pete Hegseth signed the deal, according to the White House.

The White House also claimed that the agreement gives Venezuela's oil a stable supply of low-cost oil and will facilitate the regeneration of the US Strategic Petroleum Reserve.

How each outlet told it

A framing line is our reading of that outlet's own text — an interpretation, not a quotation and not a fact we assert. Check it against what the outlet published.

Dawn

Framing: The headline highlights the US securing 100-year concessions in a Venezuela oil deal, as stated by the White House. — Analytical with a focus on strategic and geopolitical implications

as of Sep 1, 2026, 12:16 PM UTC

Facts Included:

The White House provided specific details regarding an energy pact that grants Washington majority control over 65 billion barrels of proven oil reserves in Venezuela.
North American Blue Energy Partners (NABEP) has granted the Pentagon’s Office of Strategic Capital a 35 per cent equity stake in its corporate parent “at no cost to the American taxpayer”, the White House said about the deal that was announced on Friday.
The US State Department has the right to purchase 20pc of the production at cost.
Venezuelan interim President Delcy Rodriguez previously announced a 25-year deal, the White House said that the private firm NABEP has secured 100-year concessions for 17 specific oil fields.
Rodriguez assumed power in January after a US military operation captured President Nicolas Maduro.
The agreement provides fiscal support for the interim government, with NABEP expected to pay $200bn in royalties and taxes in the first 25 years to fund reconstruction and social development.
The deal is governed by US law and subject to the jurisdiction of American courts.
A majority of NABEP’s board of directors must be US citizens, and Washington maintains veto power over any appointments to the board.
The agreement would provide Venezuela with up to $100bn in new infrastructure investment to scale production after decades of “underinvestment and mismanagement” under previous regimes, the White House said.
Output will be processed through US refineries, a strategy expected to support thousands of domestic jobs.
The supply is intended to refill the Strategic Petroleum Reserve, the federal emergency oil supply stored in Texas and Louisiana.
The White House characterised the deal as a re-establishment of the Monroe Doctrine, the 19th-century policy opposing foreign interference in the Western Hemisphere.
The pact explicitly targets fields previously operated by Russian and Chinese firms, aiming to purge “malign influence” from the region.
The energy pivot occurs as the Strait of Hormuz, a critical oil transit point, remains impacted by the US-Israeli war on Iran that began on February 28.

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The Financial Express

Framing: Questions whether the 65 billion barrel deal will lower gas prices.

as of Sep 1, 2026, 6:47 AM UTC

Facts Included:

US Secretary of State Marco Rubio and Secretary of War Pete Hegseth signed the deal.
The White House’s ‘Fact Sheet’ published August 31 says the agreement will consolidate the US’ energy dominance for the next 100 years without exerting any pressure on American taxpayers.
Trump said the deal 'will substantially lower Gas Prices for Americans, long into the future.'
A White House official confirmed to ABC News that Trump is set to meet with oil refiners and distributors Tuesday.
The average US gas price is still above $4 a gallon nationwide, according to AAA.
The White House announced a partnership with North American Blue Energy Partners (NABEP).
NABEP is owned by Venezuelan businessman Alejandro Betancourt.
NABEP granted the US Department of War’s Office of Strategic Capital a 35% equity stake in its corporate parent.
The deal gives the company 100-year rights over 17 oil fields with proven reserves of approximately 65 billion barrels.
The joint venture granted the US Department of State the right to buy a guaranteed 20% of the output at cost.
The White House said the deal will ensure a 'stable supply of low-cost oil' and facilitate regeneration of the Strategic Petroleum Reserve (SPR).
NABEP granted the US Department of State the right of first refusal to purchase the remaining 80% of its production.
The US government will hold veto power over NABEP’s board members.
The White House said millions of barrels of new Venezuelan oil will be processed through US refineries.
The White House said the deal is part of a three-part plan of 'stabilisation, reconstruction and democratic transition.'
The plan involves investing up to $100 billion in new oil infrastructure in Venezuela.
Venezuela has an estimated 303 billion barrels of crude oil in the ground, but produces only about 1% of the world’s oil, according to the Associated Press.
The US has less than 50 billion barrels, according to the US Energy Information Administration.
Trump has been pushing to boost Venezuelan oil production since Nicolas Maduro was captured by US forces in January.
ExxonMobil CEO Darren Woods deemed Venezuela 'uninvestable'.
The White House said US governance and audit provisions will ensure tax and royalty payments are spent in the interests of the Venezuelan people.
Experts say the development of the Venezuelan oil industry will take years.
Patrick De Hann of GasBuddy said it will take billions of dollars of investment to get that oil.
Tom Kloza of Gulf Oil said it’s not going to result in cheaper gasoline, diesel or jet fuel prices over the next five days, five weeks or five months.
Global Energy Monitor said new fields can take 15 years post-discovery for oil production.
Tracy Shuchart offered a similar timeline of over 15 years.

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Livemint

Framing: The headline emphasizes the scale of the Venezuela oil deal: 100-year concessions and $200 billion in royalty and taxes in the first 25 years. — Descriptive and matter-of-fact, with a focus on the financial and political details of the deal.

as of Sep 1, 2026, 2:46 AM UTC

Facts Included:

The White House revealed on Monday (local time) that Venezuela has granted NABEP 100-year concessions for 17 oil fields.
NABEP will be paying around $200 billion in royalty and taxes in the first 25 years.
NABEP is owned by Venezuelan tycoon Alejandro Betancourt.
The US State Department has been granted the right of first refusal to purchase 80% of oil NABEP will be producing.
The Pentagon's Office of Strategic Capital has been granted a 25% stake in the equity in its corporate parent.
The White House claimed the deal would come at zero cost.
The White House said the deal is in accordance with the hydrocarbon laws of Venezuela.
The White House said NABEP will have reputable auditors, lawyers, and advisers.
The deal comes days after Washington DC and Caracas reached an agreement giving the former partial control over oil reserves.

Read the source article →

Moneycontrol

Framing: Highlights the scale of the deal: US control of 65 billion barrels and NABEP's 100-year rights to 17 fields. — Neutral and descriptive, with a hint of skepticism from analysts.

as of Sep 1, 2026, 4:18 AM UTC

Facts Included:

The White House on Monday unveiled details of a landmark Venezuela oil agreement, saying the country's interim authorities had granted US-backed North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields holding about 65 billion barrels of proven reserves.
NABEP is the second-largest private oil producer in Venezuela.
The company has granted the US Department of War's Office of Strategic Capital a 35% equity stake in its corporate parent, representing up to 'hundreds of billions in value and dividends for the United States.'
The White House described the agreement as the 'biggest oil deal in world history', saying it gives the US 'majority control of more than 65 billion barrels of proven oil reserves in Venezuela' and 'powerful governance rights, economic ownership, and guaranteed low-cost off-take' from NABEP.
President Donald Trump announced Friday a deal with Caracas that would give the US majority control over 65 billion barrels, or about 20% of the South American nation's massive oil reserves.
The US had about 46 billion barrels in proven oil reserves as of end-2024, according to official figures.
In a fact sheet published Monday evening, the US government said it would have the right to purchase, at production cost, a guaranteed 20% of the off-take from all current and future fields NABEP will operate.
The White House said the arrangement would provide a 'stable supply of low-cost oil' that could help refill the US Strategic Petroleum Reserve and supply the military and other sensitive uses.
The US government also has the 'right of first refusal' to purchase the remaining 80% of NABEP's production, making Washington the prioritised buyer for its energy reserves.
The agreement gives the US government veto power over the appointment of any NABEP board member, while a majority of the company's board must be US citizens.
The company would have US auditors, lawyers and advisers, with the agreement governed by US law and subject to US courts.
The White House also said 'millions of barrels of new Venezuelan output' would be processed through US refineries and produced using American rigs and infrastructure, supporting investment and jobs in the US.
Analysts, however, remained skeptical that the landmark oil deal could meaningfully boost US energy production and bring down gas prices for Americans in the near term.
Huge investments are needed to extract the rich resources in Venezuela, whose oil output remains at a fraction of its capacity due to decades of mismanagement, lack of investment and sanctions.
NABEP plans to invest up to $100 billion in new oil infrastructure in Venezuela to scale production.
The company's plan would 'rapidly scale production' and drive economic growth in the country.
Under the agreement, NABEP is expected to pay $200 billion in royalty and tax payments to Venezuelan governments over the first 25 years.
The White House said these payments would provide 'critical revenue and fiscal support' for current and future Venezuelan governments to fund reconstruction and social development.

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What was claimed, and who backed it

AI-extracted; can misattribute a claim — see Methodology.

Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status is Contested when two claims on this page negate each other; otherwise it counts the distinct outlets we found asserting that specific claim — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.

Claim	Confidence	Status
ClaimThe White House revealed on Monday that Venezuela has granted North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields.	ConfidenceHigh	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC
ClaimThe deal comes days after Washington DC and Caracas reached an agreement granting the US partial control over Venezuela's oil reserves.	ConfidenceMedium	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC
ClaimNABEP is a privately held oil company, the second largest oil producer in Venezuela, and is owned by Venezuelan businessman Alejandro Betancourt.	ConfidenceHigh	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC
ClaimThe joint venture and agreement give the US government's Department of War's Office of Strategic Capital a 35% equity stake in NABEP's corporate parent.	ConfidenceHigh	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC
ClaimThe agreement gives the US State Department the right of first refusal to purchase the remaining 80% of NABEP's production.	ConfidenceHigh	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC
ClaimThe joint venture grants the US Department of State the right to purchase 20% of the oil output at cost.	ConfidenceMedium	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC
ClaimUS Secretary of State Marco Rubio and Secretary of War Pete Hegseth signed the deal.	ConfidenceHigh	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC
ClaimThe White House claims the agreement gives Venezuela's oil a stable supply of low-cost oil and will facilitate the regeneration of the US Strategic Petroleum Reserve.	ConfidenceMedium	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC
ClaimThe White House stated the deal will grant the US government veto power over NABEP board member appointments, with a majority of board members being US citizens.	ConfidenceHigh	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC
ClaimThe White House said NABEP will have reputable US auditors, lawyers and advisers, and the agreement is governed by US law	ConfidenceHigh	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC
ClaimA White House fact sheet states NABEP granted the US Department of War's Office of Strategic Capital a 35% equity stake in its corporate parent, at no cost to the American taxpayer.	ConfidenceMedium	StatusSingle-source via The Financial Express as of Sep 1, 2026, 6:47 AM UTC

Transparency & Audit Trail

4 distinct · 4 mastheads · 4 articles consulted: Dawn, The Financial Express, Livemint, Moneycontrol 11 claims extracted 1 editorial revision Version 2 Written 2026-09-01