The Trump administration secured 55% output rights over more than 65 billion barrels of proven Venezuelan oil reserves on August 28, 2026, through a joint venture with North American Blue Energy Partners covering 17 oil fields under a 100-year concession. The Pentagon’s Office of Strategic Capital holds a 35% stake in the venture, while the State Department separately holds rights to purchase 20% of total output at cost. The joint venture would rank as the second-largest private oil company in the world, behind only Saudi Aramco. Venezuela’s interim President Delcy Rodríguez, who replaced Nicolás Maduro following a U.S. military operation in January 2026, projects over $100 billion in new infrastructure investment and $209 billion in tax revenue. Current production capacity stands between 860,000 and 1.25 million barrels per day, a fraction of the 3 million barrels per day peak reached in the late 1990s.
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