China demands rights guarantee as US firm secures 100-year Venezuelan oil deal

In response to a 100-year oil concession granted to a US-backed firm, China demanded safeguards for its interests in Venezuela. Foreign Ministry spokesman Guo Jiakun emphasized that China-Venezuela cooperation is protected by international law, and China's rights in the country must be guaranteed. The White House reported that interim Venezuelan authorities had granted North American Blue Energy Partners (NABEP) concessions covering 17 oilfields with estimated reserves of about 65 billion barrels.

Most of these fields were once controlled or operated by Russian, Chinese, or associates of former Venezuelan leaders Hugo Chavez and Nicolas Maduro. The US defended the arrangement as part of its "Monroe Doctrine" to "reassert" and "expel foreign adversaries" from the hemisphere, accusing China, Russia, and Cuba of benefiting from Venezuela's resources without investing in its infrastructure.

NABEP also gave the US Defence Department's Office of Strategic Capital a 35% stake in its parent company, potentially granting Washington access to hundreds of billions in value and dividends. Though Venezuela holds the world's largest proven oil reserves, years of mismanagement, underinvestment, and sanctions have kept production well below capacity, and any increase in output would likely require substantial investment and time.