Alejandro Betancourt's company gets a 100-year concession on Venezuelan crude
The United States Department of Defense will have a 35% stake in NABEP's parent company.
The US Department of Defense will have a 35% stake in the parent company of North American Blue Energy Partners (NABEP), which has been granted a 100-year concession to exploit part of Venezuela's oil. NABEP will have rights to drill 17 oil fields holding around 65,000 million barrels of crude, roughly a fifth of Venezuela's reserves.
The company, led by Alejandro Betancourt, aims to increase production to over 1 million barrels per day, and has committed to investing around $100,000 million to recover Venezuela's deteriorated oil infrastructure. The US Department of State will have the right to acquire 20% of the extracted oil at production price to supply US strategic reserves.
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