The White House foresees the possibility of Venezuela finalizing fresh agreements with the U.S. oil industry within this week, amidst growing energy collaboration between Washington and Caracas following the apprehension of Nicolás Maduro.
Jarrod Agen, the Executive Director of the White House's National Energy Dominance Council, conveyed to CNBC his expectation that several of these deals might be inked by this Wednesday, as the G20 Energy meetings conclude in Houston, Texas, according to a report from EFE.
"This is one of the reasons President Trump wanted a significant Venezuelan delegation here, to engage with our industry and secretaries," Agen remarked.
The official did not specify which companies might be involved in these potential agreements.
Venezuelan Delegation Engages in Energy Talks
The Venezuelan delegation is led by the Minister of Hydrocarbons, Paula Henao, and PDVSA's Executive Vice President, Jovanny Martínez, who are participating in bilateral meetings and discussions with energy industry representatives.
Although Venezuela is not a G20 member, the country is attending the forum at the invitation of the Trump administration, as confirmed by the White House. However, its representatives are not partaking in the official closed-door ministerial sessions.
Strategic Oil Partnership and Implications
Venezuela's presence in Houston comes just two weeks after Washington announced a comprehensive oil agreement with Caracas. This deal grants North American Blue Energy Partners (NABEP) private company the rights to exploit 17 fields with approximately 65 billion barrels of proven reserves for a century, nearly one-fifth of Venezuela's reserves.
The agreement, signed by Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, also includes a 35% stake for the U.S. government in NABEP's parent company, as disclosed by the White House.
These developments with Venezuela occur as Washington seeks to boost supply and refining capacity amid international market tensions. WTI crude, a U.S. benchmark, closed on Tuesday at $105.83 per barrel, while American refineries are operating nearly at their full available capacity.
The evolving Venezuelan oil landscape holds particular significance for Cuba, which has long relied on crude supplies from Caracas.
Henao's visit to Houston marks at least her third this year, as Venezuelan authorities strive to attract foreign investment to the oil sector following the political shift that began in early 2026.
Key Questions on U.S.-Venezuela Oil Agreements
What are the expected outcomes of the Venezuela-U.S. oil agreements?
The agreements aim to enhance energy cooperation, increase oil supply, and improve refining capacity between the two nations.
Why is Venezuela attending the G20 Energy meetings?
Venezuela is attending the forum by invitation from the Trump administration to engage in energy talks, despite not being a G20 member.
What is the significance of the NABEP agreement?
The NABEP agreement allows the exploitation of significant oil reserves in Venezuela, with U.S. government participation, highlighting a strategic energy partnership.