Mongabay · Climate & nature

US-Venezuela Oil Deal Sparks Environmental and Human Rights Concerns

A historic U.S.-Venezuela oil deal grants access to over 65 billion barrels of reserves, aiming to boost U.S. energy dominance and Venezuela's economic recovery.

The agreement, via North American Blue Energy Partners (NABEP), involves up to $100 billion in new oil infrastructure. NABEP holds 100-year concessions for 17 oil fields, with the U.S. holding a 35% equity stake and rights to purchase production over 25 years.

Venezuela has vast oil reserves, but its heavy crude requires energy-intensive refining, leading to higher emissions. The country also faces issues with methane flaring and frequent oil spills, with concerns that many are unreported.

Environmental and human rights groups worry about the deal's impact on emissions, spills, and protected areas, stating economic recovery shouldn't compromise the right to a healthy environment.

Transparency is a concern, with groups unsure if oil fields overlap protected areas or Indigenous territories. They demand publication of environmental protection mechanisms.

The deal is part of U.S. efforts to increase involvement in Venezuela's natural resources.

Venezuelan authorities project the deal will produce 1.5 million barrels daily and generate over $209 billion in revenue. Critics argue reconstruction must be sustainable and rights-respecting.

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