US energy secretary to travel to Venezuela after National Assembly approves oil deal

US Energy Secretary Chris Wright is set to travel to Venezuela on Tuesday, following the Venezuelan National Assembly's approval of a controversial oil deal that will give the US effective control over a significant portion of Venezuela's oil reserves. The deal, announced by President Trump on August 27, involves a partnership with North American Blue Energy Partners (NABEP), led by Venezuelan businessman Alejandro Betancourt. The US Defence Department will take a 35% ownership stake in a new company, and the State Department will have the right to buy 20% of the oil produced at cost. The deal grants the US access to 65 billion barrels of proven reserves, about one-fifth of Venezuela's total, with leases running 100 years. Critics have likened the arrangement to colonial-era deals, and some opposition lawmakers abstained from the vote, demanding the full text be published. The interim government of President Delcy Rodriguez defends the agreement as beneficial to the economy. Separately, Chevron is expected to sign an agreement to expand operations in Venezuela on Wednesday. The deal comes amid US influence over Venezuela's government following the January 3 military operation that abducted President Nicolas Maduro.