Venezuela oil deal under fire as analysts cite colonial overtones and long timeline

The proposed agreement would give the U.S. a 55% stake in Venezuelan oil production through a private company, but experts say it echoes past colonial practices and faces significant implementation challenges. The White House asserts it will double American oil reserves and reduce fuel costs, yet specifics remain undisclosed. Analysts note the timeline extends beyond current political terms, raising doubts about its feasibility.

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The arrangement would route U.S. government ownership through NABEP, a private Venezuelan producer controlled by the Betancourt López family, whose Swiss bank accounts have faced years of investigation without formal charges. The Pentagon's 55% stake covers 17 oilfields holding roughly 65 billion barrels, while Chevron remains the largest private operator after never abandoning the country following earlier expropriations.

Analysts cite the Anglo-Persian Oil Company precedent, where British majority ownership shaped Middle East extraction for decades. ExxonMobil and ConocoPhillips have stayed cautious