Secret terms of Trump's Venezuelan oil deal
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The gist
ProPublica published the previously secret 18-page U.S.-Venezuela oil agreement signed by Rubio and Hegseth.
The deal runs through a Barbados-registered firm whose owners and investors stay hidden.
Background
The accord stems from President Donald Trump's late-August announcement of what he called the "biggest oil deal in world history," granting the U.S. sweeping access to Venezuela's oil reserves. Its full text had been one of the most sought-after secrets in Washington, D.C. until ProPublica reviewed the signed 18-page strategic partnership agreement. The deal was made not directly with the Venezuelan government but with North American Blue Energy Partners (NABEP), a firm led by Venezuelan energy baron Alejandro Betancourt, whose parent company is registered in Barbados. It is sensitive partly because of likely resistance inside Venezuela.
How it unfolded
- late August 2026President Donald Trump announced what he called the "biggest oil deal in world history," granting the U.S. sweeping access to Venezuela's oil reserves.
- Oct 20, 2026ProPublica published its investigative report on the previously undisclosed terms of the 18-page strategic partnership agreement.
- Oct 21, 2026ProPublica published its review of the signed agreement, signed for the U.S. by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth.
Who’s saying what
- Official
- The White House says the deal will help stabilize Venezuela's economy, more than double U.S. oil reserves and unleash $200 billion in tax revenue for Caracas.
- Support
- Secretary of State Marco Rubio publicly endorsed Betancourt as a partner, citing his company's operations in Venezuela and a review with U.S. authorities that found no active investigation.
- Caution
- Venezuelan opposition leaders and U.S. congressional Democrats criticized the agreement because Betancourt has been the target of investigations of alleged corruption.
- Public
- Venezuelan critics have described the deal as a U.S. takeover of the country's precious natural resources.
- Expert
- Venezuelan legal expert Jose Ignacio Hernández said: "This is all just propaganda. It cannot be implemented as announced by the administration."
Still unverified
A U.S. official told ProPublica that interim President Delcy Rodríguez granted the company 100-year concessions, but that figure appears nowhere in the agreement. It also remains uncertain whether financial documents provided to the U.S. government will be accessible to the public, and questions continue over the identities of certain investors and the tangible benefits for the Venezuelan populace.