US firm to take over some Venezuela oilfields previously run by Chinese, Russian firms
The White House on Monday said it’s partnering with North American Blue Energy Partners as part of President Donald Trump’s push to tap into Venezuela’s oil industry, setting up a deal that will give the Pentagon a stake over roughly a fifth of the country’s vast oil reserves. Venezuela's ruling party-dominated National Assembly backed the country's oil deal with the Trump administration in a…
The American company North American Blue Energy Partners (NABEP) will assume control of several Venezuelan oil fields previously operated by Chinese firms and a Russian entity, according to two U.S. officials speaking with Reuters. NABEP will receive 14 oil production contracts in Venezuela, taking on operational control while the U.S. government retains a 35% stake and "preferential access" to 20% of the oil produced at a reduced rate.
In August, President Donald Trump announced a record-breaking oil deal between Washington and Caracas, granting the U.S. access to approximately 64 billion barrels of Venezuela's proven oil reserves. Consequently, U.S. officials predict that Venezuela could attract around $100 billion in private investment, aiding in the nation's economic revival.
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