The future of a strategically located island in the Delaware River is at the centre of a major international tussle, involving a Latin American nation, a powerful American investor, and the state of New Jersey. Petty's Island, a 300-acre parcel of land offering stunning views of Philadelphia, has been controlled by Venezuela for decades. However, recent geopolitical events and a crucial court decision have paved the way for a potential change in ownership.
From Venezuelan Control to a US Investor's Grasp
For years, the scenic Petty's Island, situated off Pennsauken, New Jersey, has been eyed by state authorities for development into public parks and recreation areas. Its ownership, however, has been an international affair. The island is controlled by Citgo Petroleum Corp., which itself is an arm of Venezuela's state-owned oil company, Petróleos de Venezuela (PDVSA). This long-standing arrangement is now on the brink of collapse.
The shift began in November, when a federal court judge approved a $5.9 billion bid by Amber Energy, an affiliate of Elliott Investment Management, to acquire Citgo's parent company, PDVSA. This sale was structured to settle billions in debts owed by Venezuela. Venezuelan officials fiercely opposed the move, labelling the sale as "fraudulent" and launching an appeal.
The political landscape changed dramatically in early January 2026, when the United States carried out a large-scale military strike on Venezuela. Reports confirm that during this operation, President Nicolas Maduro and his wife, Cilia Flores, were captured and taken into US custody. With former President Donald Trump asserting that the US is now effectively running the oil-rich nation, the path for Elliott Management, led by investor and conservative donor Paul Singer, to finalise the Citgo deal appears clear. Consequently, control of Petty's Island would also transfer to the new owners.
The Key Players: Elliott Management and New Jersey's Dream
Paul Singer's Elliott Management, owned by Amber Energy, is no ordinary investment firm. Research from Open Secrets reveals it was the seventh-largest donor in the 2024 US election cycle. Singer and his company have poured tens of millions into conservative campaigns, including Donald Trump’s 2024 presidential run, placing him among top influencers like Elon Musk.
On the other side is the state of New Jersey, which has long harboured ambitions for the island. According to plans, New Jersey intends to acquire the land and transform it into an urban nature reserve with an environmental centre. The island's history is rich, having been inhabited by the Indigenous Lenni-Lenape people, owned by Pennsylvania founder William Penn, and even visited by figures like pirate Blackbeard and Benjamin Franklin. Currently, public access is limited to scheduled programs.
An Uncertain Future Awaits
As of now, the transaction remains incomplete. Braden Reddall, a spokesperson for Amber Energy, confirmed to the Philadelphia Inquirer that the "transaction involving Citgo has not yet been completed," offering no further details. The appeal by Venezuelan officials hangs in the balance amidst the country's political turmoil.
The convergence of high-finance, international debt politics, and dramatic geopolitical shifts has placed this little-known island on the map. Whether it becomes a conservation haven for New Jersey residents or remains a corporate asset in a post-takeover portfolio is a story still being written. The outcome will be a significant indicator of the shifting power dynamics between the US and Venezuela.
