President Trump has secured an agreement for the United States to partner with an oil producer to establish North American Blue Energy Partners, or NABEP, which will develop 17 Venezuelan fields with proven potential of 65 billion barrels. NABEP will hold rights to those fields for 100 years, while the United States will have majority control over roughly a third of Venezuela’s oil reserves. The White House says the deal will provide an economic lifeline, stabilize Venezuela and create conditions for free and fair elections. But Trump has declined to require a firm election date, saying Venezuela is not ready yet. Acting President Delcy Rodríguez has also refused to set a timetable, although she says an electoral process will take place. Critics in Venezuela and Washington warn that the arrangement could entrench the unelected government that replaced Nicolás Maduro, whom Washington deems illegitimate. U.S. officials say electoral reforms, political-party organization and a free press are needed before a credible vote. Talks between the interim government and opposition figure Dinorah Figuera are expected to resume in mid-September, while María Corina Machado remains excluded from those discussions.