CommoditiesMedium•5 November 2026•
1 min read
Skepticism Mounts Over NABEP's $100 Billion Venezuela Oil Deal
Key Facts
1NABEP faces scrutiny over its financing and operational capacity to develop 65 billion barrels of Venezuelan oil reserves.
2Chevron has pledged over $7 billion to more than double its Venezuelan production to 600,000 bpd by 2031.
3Interim Venezuelan authorities granted NABEP 100-year concessions for 17 oilfields.
NABEP faces scrutiny over its financing and operational capacity to develop 65 billion barrels of Venezuelan oil reserves. Reuters reported that the company, which was granted 100-year concessions for 17 oilfields by interim authorities, may struggle to execute the $100 billion deal often described as the largest in oil history.
The skepticism emerges as Chevron pledged over $7 billion to more than double its Venezuelan production to 600,000 bpd by 2031. CVX closed at $216.96 on November 4, 2026, while HAL closed at $33 and REPYY closed at $33.23 on the same date.