Venezuela's parliament ratifies unprecedented 100 year oil deal with the United States

Venezuela's National Assembly ratified a bilateral energy agreement with the Trump administration in an extraordinary session on Tuesday, September 1, 2026 (10 Shahrivar 1405), ahead of a planned visit to Caracas by US Energy Secretary Chris Wright. According to ISNA, citing Reuters, the deal gives the American company North American Blue Energy Partners rights to develop 17 Venezuelan oil fields under a 100 year lease, covering roughly one fifth of the country's oil reserves.

Donald Trump called the deal the biggest oil agreement in history on August 28 (6 Shahrivar), and Venezuela's interim President Delcy Rodriguez the same day called it a turning point in relations with the United States. She said the project has the potential for 65 billion barrels of oil, more than $100 billion in investment, and more than $209 billion in tax revenue for the government.