The U.S. plans to acquire one-fifth of Venezuela's oil reserves, while major oil companies including ExxonMobil remain cautious.

According to media reports citing sources, the United States is pushing for an unprecedented agreement to acquire development rights to approximately one-fifth of Venezuela's oil reserves. However, the deal has sparked skepticism and caution from multiple oil companies evaluating investment opportunities in the country, with the core sticking point being the key role of a Venezuelan businessman in the transaction.

Deal structure revealed: NABEP secures 100-year leases for 17 oil fields

The White House issued a statement on Monday evening local time. Under the arrangement, private oil firm North American Blue Energy Partners (NABEP) will obtain 100-year operating leases for 17 oil fields in Venezuela, covering a combined total of about 65 billion barrels of oil reserves.

Under the deal's design, the U.S. government will acquire a 35% stake in NABEP's parent company, lock in 20% of oil production as a guaranteed share, while also holding first-purchase rights for all remaining production.

Venezuela has the largest oil reserves in the world, exceeding those of core OPEC member Saudi Arabia. Due to long-standing governance issues and external sanctions, the country's oil production has experienced a sharp decline.

The actual controller of NABEP is Venezuelan businessman Alejandro Betancourt, whose current company produces approximately 170,000 barrels of oil per day. Due to his past business dealings with the Venezuelan government, the businessman was investigated by relevant U.S. and European authorities, but was not formally charged. He has previously denied the relevant allegations.

Major oil companies keep their distance, lingering historical risks hard to dispel

A source involved in preparing the energy contract said that international oil majors and large foreign enterprises currently negotiating contract conversions hope to avoid direct cooperation with Betancourt.

In January of this year, the Trump administration launched a military operation to capture Venezuelan President Nicolás Maduro. After that, Trump called on U.S. energy companies to invest in Venezuela, but major oil companies have generally adopted a cautious attitude, with ExxonMobil and ConocoPhillips being particularly cautious.

The two companies withdrew from the Venezuelan market in 2007 after the Chávez government implemented asset nationalization. Since then, the two companies have repeatedly stated that the prerequisite for their return to invest in Venezuela is sufficient legal certainty and contractual guarantees, which have not yet been fulfilled as of now. Trump said on Monday that ExxonMobil will enter the Venezuelan market, but did not disclose more details.

New contradiction emerges: U.S. companies may face competition from their own government

The source further pointed out that the proposed deal's structure, combined with the massive oil and gas assets that NABEP is expected to accumulate in Venezuela in the future, has sparked new concerns: after U.S. oil companies enter Venezuela, they may face competition from their own government level.

Alejo Czerwonko, chief investment officer of UBS Emerging Markets, analyzed that this will increase the difficulty of achieving Trump's goals of boosting Venezuela's oil production and expanding U.S. oil reserves. "To increase production, it is inseparable from the large capital investment and technical capabilities of enterprises such as ExxonMobil and ConocoPhillips. How to attract such enterprises to enter has become a practical challenge."