The US deal is for the development of 17 fields in the Orinoco oil belt by Barbados-based private company North American Blue Energy Partners (NABEP), development which will involve $100bn of investment, NABEP said. As part of the deal, the US will receive the right to purchase 20% of output at cost, and first refusal on the other 80%. The US government is to take a 35% stake in equity of NABEP’s (unnamed) parent company, and other benefits such as veto powers on appointments to the board of directors.  

The development is expected to yield 1.5mnb/d, and the deal has a 25-year life, according to a statement by Delcy Rodriguez, Acting President of Venezuela. At an oil price of $65/b, the deal will yield Venezuela some $210bn in taxes. She said: ‘Venezuela will contribute oil and expertise, while the United States will provide capital and technology. This partnership will generate jobs, infrastructure investment and increased revenue for the Venezuelan state.’

State-owned national oil company PDVSA was said to have a total pipeline capacity of about 9mnb/d by the US Energy Information Administration in 2024. Despite having the second-largest reserves in the world, at 2025 production rates, its oil reserves would be depleted by 2034, according to a 2024 profile by the Natural Resource Governance Institute. (PDVSA does not provide public information such as annual reports; nor does it appear to have an internationally accessible website.)

In related news, Chevron announced that its 49:51 joint venture with PDVSA, Petroindependencia, was granted rights to develop Carabobo-1 and Carabobo-2-South-A areas in the Orinoco belt, adjacent to other Chevron operations. In April, it agreed to increase its stake in Petroindependencia and received development rights for Ayacucho 8. The joint venture intends to invest $7bn in the next five years to more than double production to 600,000b/d.

Eni signed a deal to take full control of development of the Junín 5 onshore oil field, also in the Orinoco belt. Previously in a 40:60 joint venture with PDVSA, Eni says that the new deal allows it full responsibility for technical, financial and commercial management of the field, which currently produces 12,000b/d. This was facilitated by the Organic Hydrocarbons Law approved by the National Assembly in January 2026 and follows a previous agreement in April 2026. Eni Chief Executive Officer Claudio Descalzi commented: ‘This agreement represents a new pillar for the revival of the country’s oil and gas sector, at a historic time when energy security, based on abundant resources and diversified supply routes, is vital to global stability. Venezuela can now embark on a path of energy development and economic growth that can bring significant benefits to the local population and to global energy availability.’

Finally, BP has been granted an exploration and production licence for the Loran Phase 2 project in the offshore Loran field. That deal also included ADNOC investment company XRG and UCC Oil and Gas Holding; they, with BP, each hold an equal share. Separate to this, BP has also signed a memorandum of understanding covering potential exploration of the Carúpano East block in the Mariscal Sucre maritime area.  

The deals follow the capture and extradition of former President Nicolas Maduro and his wife Cilia Flores by the US government in January 2026.