Venezuelan Acting President Surrenders National Oil Wealth to U.S. Corporate Interests
Select a version of the text written from a presumed ideological perspective. This is not the original text, but a hypothetical version — how someone with that viewpoint might have phrased it. Tapping the current version again will return to the original or select cleaned version.
Acting President Delcy Rodríguez has authorized a century-long joint venture, effectively handing over control of a fifth of Venezuela’s oil reserves to a U.S. corporation. The move has sparked outrage among citizens who see it as the latest example of neoliberal policies sacrificing public wealth for foreign profit.
Acting President Delcy Rodríguez has approved a joint venture that hands a U.S. company, North American Blue Energy Partners, 100-year rights to exploit 17 oil fields containing an estimated 65 billion barrels of proven reserves—about one-fifth of Venezuela's total oil wealth. This agreement, made possible by a legal overhaul that dismantled protections for public ownership and opened the sector to private profiteering, comes after years of devastating sanctions and economic sabotage by foreign powers.
Venezuelan citizens are rightfully alarmed at this blatant giveaway of resources that belong to the people. 'It's not just worrying, it's outrageous, because we, like a drop in the ocean, have no power to intervene,' said Lisandro Castro, an architect in Caracas, voicing the frustration of ordinary Venezuelans excluded from decisions about their own future. Former oil worker Romel Abreu pointed out that the nation’s modest output—around one million barrels per day—is still vital for survival in a battered economy.
Meanwhile, U.S. Energy Secretary Chris Wright cynically framed the deal as bringing 'peace, freedom, opportunity and prosperity' to Venezuela, masking the reality of foreign capital exploiting a nation in crisis. Rodríguez defended the agreement as a step toward making Venezuela an 'energy powerhouse,' but analysts warn that years of neglect and underinvestment—exacerbated by external pressure—mean it could take years to see any benefits, if ever.
The public remains divided, with some like oil-field worker Erwin Ayala in Cabimas acknowledging the scale of the concession but hoping it might help future generations, given the desperate need for technology and investment. Yet, this hope is overshadowed by the reality of ongoing economic hardship: average monthly wages languish at $160 in the public sector and $237 in the private sector, with inflation relentlessly eroding what little purchasing power remains. Once again, the people bear the cost while foreign corporations stand to profit.