A historic agreement aimed at gaining control over Venezuela's vast oil reserves has revealed detailed U.S. arrangements to tighten its grip on a private operator, including the right to buy a significant portion of its crude output and veto board appointments. The White House fact sheet released Monday provides the first public details of the pact announced by President Donald Trump last week, which comes roughly seven months after long-time Venezuelan leader Nicolás Maduro was detained in a covert military operation.

Under the terms outlined in the document, the U.S. will hold the right to purchase approximately 80% of the oil produced by North American Blue Energy Partners (NABEP), a privately held company that has secured 100-year concessions across 17 oil fields in Venezuela. The White House stated that the crude would be supplied at production cost, ensuring a low-cost supply channel.

The fact sheet further specifies that NABEP will extend a procurement option to the U.S. State Department, guaranteeing it a 20% firm offtake share from both existing and future fields operated by the company. This provision secures a steady flow of inexpensive oil over the long term.

Additionally, the U.S. retains veto authority over the appointment of any board member at NABEP, and the majority of the company's board must consist of U.S. citizens, according to the fact sheet. These measures cement Washington's direct influence over the venture's strategic decisions and governance.