Venezuela's acting President Delcy Rodríguez and U.S. Energy Secretary Chris Wright met in Caracas on Wednesday, Sept. 2, 2026, following an agreement giving a U.S. joint venture control of approximately one-fifth of Venezuela's oil reserves. The deal involves North American Blue Energy Partners, which is currently the second-largest private oil firm in Venezuela.
The agreement follows a period of political transition. In January 2026, U.S. forces captured then-President Nicolás Maduro, after which U.S. President Donald Trump recognized Rodríguez as the acting leader. In February, a legal overhaul permitted increased private investment in the nation’s energy sector.
Under the terms of the deal, the joint venture receives 100-year rights to develop 17 oil fields containing 65 billion barrels of proven reserves. Venezuela’s total reserves are estimated at 300 billion barrels, the largest in the world. While Rodríguez described the deal in a Saturday address as a step toward becoming an "energy powerhouse," some Venezuelans, such as architect Lisandro Castro, characterized the move as a surrender.
The deal affects a country where national identity and the economy have been tied to state-owned oil for over a century. For public sector workers earning roughly $160 per month, or private sector employees averaging $237, the agreement follows the nationalization policies of the late Hugo Chávez. Between 1999 and 2011, oil revenues totaling $981 billion funded social services like housing and healthcare, benefits that were largely lost during the subsequent economic crisis and U.S. sanctions.
The transfer involves 65 billion barrels of oil, which could generate billions of dollars for an economy currently seeing soaring inflation and infrastructure decay. However, energy experts note that because the country's oil infrastructure is degraded, it will take several years of investment before production increases significantly. Residents in the oil heartland of Cabimas noted that the machinery and technology required for extraction are currently lacking.
The deal follows decades of tensions between the two nations over the role of foreign energy companies. While the rights are granted for 100 years, the next steps involve the deployment of U.S. technology and capital to the 17 designated fields. No specific dates for the start of new drilling or the arrival of machinery were reported.