Nobel laureate Machado: ‘Illegitimate’ Venezuela regime has no right to strike US oil deal

Venezuelan opposition leader María Corina Machado has criticized a recent oil deal between the United States and Venezuela's interim government, stating that the country's natural resources do not belong to an "illegitimate regime." Machado, a Nobel laureate, expressed that while the US is a vital partner for Venezuela's development, the current leadership lacks the democratic mandate to negotiate on behalf of the Venezuelan people. The deal, announced by Donald Trump, involves over 65 billion barrels of oil and aims to increase production and economic opportunities in Venezuela, while also excluding China and Russia. Critics have condemned the agreement, fearing it may reduce pressure for new presidential elections in Venezuela, which Machado's movement reportedly won decisively in 2024 before the results were rejected. Both Trump and the interim president, Delcy Rodríguez, have been vague about the timeline for future elections.

A significant US oil deal involving 65 billion barrels of crude has drawn criticism from various Venezuelan factions. Venezuelan economist Ricardo Hausmann, addressing US Secretary of State Marco Rubio, stated the US chose to ally with Venezuela's "oppressors" rather than liberate Venezuelans, pushing through an agreement with an "illegitimate and oppressive government" instead of restoring democracy. Opponents view the deal as a betrayal, particularly given the absence of an imminent election. Many Venezuelan socialists also see it as a capitulation, with former PDVSA head Rafael Ramírez describing it as opening the doors to a "new colonialism of the United States."

The Trump administration has partnered with Venezuelan businessman Alejandro Betancourt to lead a new US-backed oil venture in Venezuela. Betancourt, who previously amassed wealth under Hugo Chavez and has faced money laundering investigations, will head North American Blue Energy Partners (NABEP), in which the US will acquire a 35 percent stake. This deal aims to give Washington majority control over over 65 billion barrels of proven oil reserves. The partnership is intended to reshape energy markets and refill US petroleum reserves, particularly amid global energy market upheaval. Betancourt, who denies accusations against him, has experience in Venezuela's oil sector.

US energy companies Chevron and GE Vernova, along with Italy's Eni, have signed multibillion-dollar deals in Caracas to expand oil projects in Venezuela. These agreements, overseen by US Energy Secretary Chris Wright and Venezuelan interim President Delcy Rodriguez, aim to boost the country's oil output. The deals are separate from a prior agreement granting the US access to a fifth of Venezuela's oil reserves. Chevron plans to develop two additional oil fields, while Eni secured exploration rights for the Junin 5 oilfield. GE Vernova will assist in repairing Venezuela's electricity grid. Wright stated the deals are crucial for peace and prosperity, emphasizing a rapid transformation for Venezuela. Rodriguez defended the agreements as necessary for investment, estimating significant profits for Venezuela over 25 years.

Chevron has confirmed it will expand its operations in Venezuela, acquiring additional acreage in the Orinoco Belt. The oil giant plans to invest over $7 billion in joint ventures over the next five years, aiming to more than double production to approximately 600,000 barrels per day. This expansion follows President Donald Trump's announcement of a deal to develop Venezuela's oil reserves. Chevron, the only U.S. oil company with a major presence in Venezuela, has operated there since 1923. Analysts express skepticism about the timeline for production revival and question the legal authority behind the agreement, which grants extensive rights over oil fields.

Chevron, the sole US oil company with a significant presence in Venezuela, will expand its operations there with a US$7 billion investment plan over five years. The company has been assigned additional acreage in the Orinoco Belt, aiming to more than double production to approximately 600,000 barrels per day by 2026. This expansion reflects Chevron's confidence in Venezuela's substantial oil reserves and its ability to compete for investment. The announcement follows a US official's briefing on an ambitious deal to develop Venezuela's oil reserves, with US Energy Secretary Chris Wright visiting Venezuela. Chevron has operated in Venezuela since 1923 and currently manages extra-heavy oil projects in the Orinoco Oil Belt and oil projects in Zulia state.

US Energy Secretary Chris Wright defended a new oil deal with Venezuela's interim leaders, denying accusations that the US is seeking to "take" the country's oil. Wright described the agreement, announced by President Trump, as a "historic transformation" of relations and a move to replace conflict with commerce, aiming for US energy dominance and to exclude China and Russia from Venezuelan oilfields. Critics, including The Wall Street Journal and economist Francisco Rodríguez, have likened the deal to "gunpoint diplomacy" and criticized the US government for aligning with Venezuela's unelected interim president, Delcy Rodríguez. Rodríguez, who was installed after President Nicolás Maduro's alleged abduction by US special forces, claims the deal offers significant benefits and revenues for Venezuela. The agreement has also concerned Venezuela's political opposition, who fear it may hinder a democratic transition.

US Energy Secretary Chris Wright will travel to Venezuela to finalize a controversial oil arrangement following the Venezuelan National Assembly's approval of a deal granting the US effective control over a significant portion of its oil reserves. The agreement, which lacks publicly released details, will give the US access to 65 billion barrels of oil and involves a partnership with North American Blue Energy Partners, led by Venezuelan businessman Alejandro Betancourt. The US views the deal as furthering its national interest by securing reliable oil access and countering Chinese and Russian influence. While Venezuela's interim government defends the agreement as beneficial for its economy, some opposition lawmakers have criticized the lack of transparency regarding the terms. Separately, oil giant Chevron is expected to expand its operations in Venezuela.

The White House has partnered with North American Blue Energy Partners (NABEP) to establish a new oil company in Venezuela, granting the Pentagon a 35% ownership stake. This joint venture, announced by President Donald Trump, aims to boost oil production and create a new energy giant in the Western Hemisphere. NABEP, owned by Alejandro Betancourt, will invest $100 billion in new infrastructure and has secured 100-year rights to 17 oil fields with significant proven reserves. The U.S. State Department will have a guarantee to purchase 20% of the output at cost. The White House asserts the deal is at no cost to the U.S. and will be governed by U.S. law, though former energy advisors caution about potential political risks from future administrations.