The Minister of Hydrocarbons, Paula Henao, assured that the control and ownership of underground resources remain unquestionably under Venezuelan jurisdiction, during an interview given to the private channel Venevisión on Sunday.
On August 28, United States President Donald Trump declared that the agreement, which he described as the largest in world history, ensures the US a majority stake in over 65 billion barrels of proven oil reserves in Venezuela. Two days later, Trump characterized this transaction as a gift from Venezuela to the American people.
Paula Henao clarified that it is a commercial pact aimed at attracting technology and investment to Venezuela, stating that what the Venezuelan people offer the American people is the security of a reliable energy supply. The minister refuted any claims of loss of sovereignty by the country and informed that the bilateral agreement will be submitted to parliament, without specifying a date for this.
According to the Venezuelan government, this agreement has a validity of 25 years and covers the development of 17 fields, totaling 65 billion barrels of reserves. The established goal is to raise production to more than 1.5 million barrels per day (bpd). Currently, the national average production is 1.24 million bpd, with projections indicating that this volume could reach 1.4 million bpd by the end of 2026. It is relevant to note that in 1998, one year before Hugo Chávez came to power, oil production had reached 3.1 million bpd.
The 17 fields included in this agreement were ceded to North American Blue Energy Partners (NABEP), a company that granted the US Department of Defense a 35% equity stake. Behind NABEP is businessman Alejandro Betancourt, who is being investigated in Spain and Switzerland for alleged tax fraud and money laundering.
During the same interview, Paula Henao also guaranteed that Venezuela honors the oil commitments made with China and Russia. She explained that there are agreements with both countries, involving joint ventures with permission to operate current primary activities, and that these agreements are highly respected.
This guarantee came after China demanded the safeguarding of its interests in Venezuela, motivated by reports suggesting that the new agreement between Caracas and Washington could impact fields where Chinese companies, such as state-owned Sinopec and CNPC, were operating. China has maintained a significant presence in the Venezuelan oil sector for years, through state-owned companies involved in exploration and production projects, reflecting the strong economic ties between Beijing and Caracas during the Chavista mandates.