Houston-based Sable Offshore is in advanced talks to sign contracts with Venezuela's government to develop oilfields. Brittany Kelm, a former senior adviser to the Trump National Energy Dominance Council, leveraged ties to the administration. Sable's Vice President posted a photo with Venezuela's de facto leader Delcy Rodríguez pledging US investment.

Primavera, co-founded by former Coinbase president Fred Ehrsam, also signed an oilfield development agreement. Ehrsam, a $1mn donor to Trump's 2025 inauguration, serves as an adviser on the president's science and technology council. In May, Ehrsam was a special guest at a Bank of Venezuela event encouraging investment.

These deals follow the US capture of President Nicolás Maduro and the installation of Vice President Rodríguez, who has passed laws opening the oil sector to foreign investment. The arrangements are separate from the Trump administration's joint venture with North American Blue Energy Partners for 65bn barrels of Venezuela's oil, owned by Alejandro Betancourt. Trump has relied on oil and gas executive support, with the industry contributing millions to Republicans.

Following recent deal announcements, Chevron pledged $7bn to expand in Venezuela. Energy Secretary Chris Wright stated Trump wanted to see a 'transformation in Venezuela and US-Venezuela relations.' The JW Marriott hotel in Caracas has become a hub of negotiation activity. The dealmaking extends beyond oil, with Yorkville International Capital also involved in the region.