US Backs Three-Phase Plan for Venezuela

65 billion barrels. That is the amount of proven oil reserves tied to a new joint venture announced by the US administration in September. The deal grants North American Blue Energy Partners 100-year rights to 17 oilfields in Venezuela. The Pentagon holds a 35 percent stake in the company, which is owned by Venezuelan businessman Alejandro Betancourt.

The US government stated that Washington is guaranteed the right to purchase 20 percent of the venture's oil output at cost. This arrangement positions NABEP as the second-largest private oil operator in the country, trailing only Chevron.

Secretary of State Marco Rubio met with Venezuelan Foreign Minister Oliver Blanco on Monday to discuss the nation's political future. Neither official spoke to reporters after the session. The State Department issued a readout confirming that Washington reaffirmed President Donald Trump's three-phase plan. The phases are stabilization, economic recovery and political reconciliation, and democratic transition. The plan aims to hold presidential elections in 2027.

The meeting occurred nearly one year after US forces abducted former President Nicolas Maduro from Caracas. Maduro is currently in the United States facing drug trafficking and other charges. Interim President Delcy Rodriguez, who served as Maduro's vice president, assumed power after his removal.

Venezuelan opposition leader Maria Corina Machado returned to the country last week. She is a Nobel Peace Prize laureate who gifted her medal to President Trump in 2025. Machado said she returned to organize a movement in preparation for the upcoming elections. She noted that Rubio outlined a sequence of events aimed at a democratic transition.

Machado expressed skepticism about the oil agreement shortly after returning. She stated that the deal does not reflect the levels of transparency Venezuelan society wants. Meanwhile, President Rodriguez assured the nation that elections would be held with the world as witness. She did not specify a date. Machado said she had not received a message from Rodriguez or Washington regarding a meeting.

The US urged Venezuela to continue with the phased plan before embarking on democratic elections. The administration seeks to balance its support for opposition leaders with its ongoing oil deals with the interim government. Machado is currently balancing an election campaign with the Trump administration's extraction efforts.