According to the pact established between the American administration under the leadership of Donald Trump and the interim Venezuelan president, Delcy Rodríguez, NABEP will be permitted to explore 17 oil fields over a century. These fields contain about 65 billion barrels of crude oil, which represents approximately one-fifth of Venezuela's total reserves.
In a statement released by the White House, the Trump administration detailed that the United States Department of Defense will obtain a 35% stake in NABEP's parent company. Additionally, the State Department will have the right to acquire 20% of the oil produced at production cost, aiming to supply U.S. strategic reserves.
The American Republican government also secured the power to veto appointments to NABEP's board of directors. NABEP, a company led by Venezuelan businessman Alejandro Betancourt, is currently the second-largest oil producer in Venezuela, registering a daily production exceeding 200,000 barrels.
Alejandro Betancourt faces investigations in Spain, Switzerland, and the United States on alleged charges of tax fraud and money laundering related to operations involving the Venezuelan state oil company PDVSA, although he denies these allegations. With the new agreement, the company plans to increase its production to more than one million barrels per day.
The administration led by President Donald Trump classified the agreement as a 'historic deal' last week, anticipating that the negotiation will result in increased oil production and a consequent decrease in gasoline prices in the United States, a relevant point given the recent price increases motivated by the war with Iran, a factor that could affect Republicans in the November midterm elections.
The official White House announcement also specified that NABEP will invest nearly $100 billion (equivalent to about 86 billion euros) in recovering Venezuela's deteriorated oil infrastructure. Furthermore, the company committed to paying approximately $200 billion (172 billion euros) in taxes to Venezuelan authorities over the next 25 years.
Since the United States captured and arrested the Venezuelan President, Nicolás Maduro, last January during a military operation on Venezuelan territory, Washington has assumed the role of supporter of the current government, led by Rodríguez, and normalized diplomatic relations with Caracas. However, the oil agreement has generated skepticism in certain sectors, who question whether the Trump administration has a genuine interest in fostering a democratic transition in Venezuela, despite this having been an argument used to justify Maduro's detention.