On Monday, August 31st, the White House released the specific terms of its Venezuela oil deal. In simple terms, Venezuela's transitional government has granted a US-based energy company named NABEP the extraction rights to 17 oil fields for a century, which hold roughly 65 billion barrels in oil reserves. In exchange, this firm is set to directly hand over 35% of its equity to the US government and has also given the State Department the authority over crude procurement. The agreement was signed by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth.

The White House emphasized that US taxpayers "didn't spend a single cent." The benefits Washington secures are broken down into three distinct parts. The first component is an equity share: NABEP is "donating" 35% of its shares to an agency under the Department of Defense. The White House states these shares “could be worth hundreds of billions of dollars and also yield dividends,” all without any US financial outlay. The second is a guaranteed purchase of crude at cost: the State Department enjoys the right to buy 20% of all current and future production from the company's oil fields at their base cost of production. This oil could refill America's Strategic Petroleum Reserve or supply the military and other vital departments. The third element is a preferential purchase right: for the remaining 80% of output, the US holds the first option to buy. The White House calls this a preventative measure to guarantee US access to oil should a sudden emergency arise in the Western Hemisphere.

America holds the decisive say through a board veto and the use of US laws. The agreement stipulates the US government has veto power over the appointment of any director to the company's board, and additionally, the majority of board members must be US citizens. Furthermore, the corporation is required to employ US-based auditors, lawyers, and consultants. All contracts fall under US jurisdiction, and any disputes are to be settled in American courts. NABEP issued a statement clarifying that they will manage daily operations, but acknowledges the US holding a 35% stake and having the right to buy a fifth of the oil at cost price. Several media outlets have noted the White House also plans to create a new joint venture with the company, though this hadn't been mentioned days prior. A former US energy official has cautioned that a change in Venezuela's government or the US administration could potentially upend this agreement. Senator Reed, a Democrat from Rhode Island, criticized the move, calling it a blatant abuse of power and taxpayer funds that leverages Pentagon money and the nation's credit to back a private oil venture.

Venezuela's interim President, Delcy Rodríguez, has handed over the century-long extraction rights to NABEP for the 17 fields, which possess proven reserves of about 65 billion barrels—one-fifth of Venezuela's total oil reserves. The White House pointed out for contrast that the entire proven reserves of the US mainland are only 46 billion barrels. This is why Washington dubs it the "largest oil deal in world history," adding that by reserves, this company would rank as the world's second-largest private oil producer. NABEP is currently the second-largest private oil producer in Venezuela, right behind Chevron, and is owned by Venezuelan businessman Wilmer Ruperti. The company boasts over 5,000 direct employees, and with contractors that number exceeds 10,000. Their daily output has jumped from 18,000 barrels to over 200,000 barrels, primarily from operations in Lake Maracaibo and the Orinoco Belt. Ruperti asserts the deal will unleash Venezuela's potential, benefiting both Venezuelans and Americans alike. Rodríguez also mentioned the agreement helps modernize the oil industry but stressed that the nation still holds ownership of its resources. The White House added that increased output would be sent to US refineries and use American drilling rigs and equipment. However, Venezuelan crude is heavy and high in sulfur, making it harder to refine than the typical light sweet crude in the US. Additionally, existing facilities require rebuilding—technical issues the White House hasn't outlined a timeline for resolving.

With up to $100 billion slated for new infrastructure, the first 25 years are projected to generate $200 billion in taxes and fees. The White House said NABEP plans to construct new oil facilities in Venezuela, investing up to $100 billion to quickly boost production. According to Venezuela's new petroleum law, once output ramps up, the company is expected to contribute approximately $200 billion in royalties and taxes over the first quarter-century, intended for reconstruction and social development. The company's own press release cites the tax obligation exceeding $209 billion; the numbers differ slightly between the two, but neither provides a yearly breakdown. Washington frames this entire arrangement under the banner of "stability, reconstruction, and democratic transition," intending to use American management, audits, and financial oversight to ensure these taxes are genuinely applied to rebuilding. The US is also promoting political reconciliation talks within Venezuela, with meetings planned for September. Yet, these political arrangements are contained in the same document, with no specific start date mentioned for actual extraction.