US and Venezuela sign 100-year oil deal granting US firm control of 17 oilfields

The Trump administration and Venezuela's interim government have signed an agreement putting a US-led company in charge of 17 Venezuelan oilfields containing some 65 billion barrels of crude.

• US President Donald Trump announced the deal, calling it "the biggest oil deal in world history"; interim President Delcy Rodríguez said it would generate $100bn in investment and more than $200bn in tax revenue.
• The agreement grants North American Blue Energy Partners (Nabep), chaired by Alejandro Betancourt, 100-year concessions over 17 oilfields; the White House said the US government will hold veto power over board appointments and require a majority of US citizens on the board.
• Betancourt's lawyer, Jon Sale, said his client acted as an intermediary after the January military operationthatt removed Nicolás Maduro, convincing Delcy Rodríguez to speak with Secretary of State Marco Rubio. Rodríguez defended Betancourt, saying he has no pending cases in Venezuela or the US.
• Betancourt has been investigated in Spain, Switzerland, Andorra,and the US over alleged corruption related to PDVSA; he has not been charged and has denied wrongdoing, while his firm Derwick Associates previously received $5bn in no-bid Venezuelan government contracts.

Latest developments

• Sep 6 — US officials defended the deal, saying it secures stable crude supplies and rebuilds Venezuela's economy while reducing Chinese and Russian influence in its energy sector.
• Sep 6 — Officials said Betancourt passed security vetting and faces no charges in the US, and that the deal aims to lay groundwork for a stable, democratic Venezuela.
• Sep 6 — The officials added that elections in Venezuela are not possible in the near term.