A recently announced deal between the U.S. and Venezuela to produce 65 billion barrels of oil – roughly a fifth of Venezuela’s total proven oil reserves – has raised questions about its terms.

A single Latin American company, NABEP, run by Venezuelan executive Alejandro Betancourt, has been tapped to produce the oil, with part of the company being potentially owned by the U.S. Department of Defense. But it is unclear whether the oil fields covered by the contract can support the scale of production promised. And while the U.S. has an agreement to buy some of the oil produced at cost, do not expect prices at the pump to go down tomorrow.

Francisco J. Monaldi, Wallace S. Wilson Fellow in Latin American Energy Policy and director of the Latin America Energy Program, joins Ambassador David M. Satterfield to discuss what is known – and what remains unclear – about the deal, as well as the promise of a Latin American energy boom to come.

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This conversation was recorded on Sept. 1, 2026.

 

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