The Daily Journal. — Venezuela’s National Assembly on Tuesday approved a resolution supporting the binational energy agreement announced by Caracas and Washington, an initiative that places at least 65 billion barrels of Venezuela’s proven oil reserves under the control of U.S. companies.
The ruling bloc backed the resolution, while opposition lawmakers distanced themselves from the vote because no final text was available.
During the extraordinary session, ruling-party lawmaker Miguel Pérez Abad introduced the legislative proposal and described it as the “most important in the last 100 years” because of its structural scope. The lawmaker projected that the projects will generate nearly 3.6 million “direct, indirect and additional” jobs linked to the revival of the hydrocarbons industry.
The parliamentary document, formally titled Support for the Binational Energy Agreement Between Venezuela and the United States, reaffirms the “full sovereignty and inalienable ownership of the Venezuelan state over its resources” and establishes that “fiscal and operating conditions must guarantee a fair distribution of revenues that contributes to strengthening healthcare, education, public services and national industry.”
For his part, lawmaker Luis Emilio Rondón, representing the opposition Libertad Parliamentary Group — which includes leaders such as Henrique Capriles — expressed reservations about the vote:
“We are not against the agreement presented. However, we cannot endorse an agreement that we have not seen,” Rondón said as he explained his caucus’ decision to abstain.
In response to the opposition’s concerns, National Assembly President Jorge Rodríguez clarified that lawmakers voted in support of the political and economic announcement because both delegations “have not yet submitted” the formal agreement.
“Once the two countries sign the binational agreement, we can gladly hold the debate in the National Assembly so that we can share the immense benefits and advantages that signing this agreement will bring to all Venezuelans,” the head of the legislature said.
The bilateral agreement framework calls for the operational development of 17 strategic fields that account for more than 20% of the country’s oil reserves.
The White House said Monday that the oil agreement with Venezuela will allow the United States to secure its “energy dominance for the next century” at no cost to U.S. taxpayers.
The deal grants economic and governance rights to North American Blue Energy Partners (NABEP). In turn, the oil company granted the Department of War’s Office of Strategic Capital a 35% equity stake in its corporate parent company. The structure also guarantees the State Department the right to purchase, at cost, 20% of the oil production from current and future fields that NABEP operates.
