Exclusive-US oil firm to take over some Venezuelan oilfields previously run by Chinese, Russian companies, officials say

U.S. oil firm North American Blue Energy Partners will assume control of a number of oilfields that were once overseen by Chinese and Russian entities, according to two U.S. officials. This move is part of a comprehensive oil production pact that President Donald Trump signed with Venezuela. The projects, which make up 14 contracts, will be among 17 total projects that NABEP plans to develop and utilize to supply oil to the U.S.

The deals come as a result of a partnership between the U.S. and private businesses that gave the Trump administration access to around 64 billion barrels of Venezuela's confirmed oil reserves. This arrangement enables U.S. companies to establish a presence in key Venezuelan oil assets while simultaneously removing Chinese and Russian presences that have dominated the nation's energy sector for years.

NABEP, which was initially controlled by U.S. oil magnate Harry Sargeant and is now managed by Venezuelan businessman Alejandro Betancourt, is set to oversee a total of 17 Venezuelan projects. Fourteen of these projects were recently granted by the Venezuelan government, while five were previously run by Chinese companies, one by a Russian firm, and two by China Concord Resources, which was penalized by the U.S. in 2019 for Iran-related activities.

Two other projects were operated by associates of Alex Saab, a former ally of former Venezuelan President Nicolas Maduro who is currently detained in the U.S., and another was connected to Cilia Flores, the wife of Maduro's sister.