US firm to take over Venezuela oilfields
U.S. Oil Company North American Blue Energy Partners (NABEP) will take over some oilfields previously controlled by several Chinese companies and a Russian firm, two U.S. officials told Reuters on Monday. The takeover will be part of a sweeping oil production agreement that President Donald Trump announced with Venezuela, they said. The projects were among … The post US firm to take over…
U.S. oil firm North American Blue Energy Partners (NABEP) is set to assume control of several Venezuelan oilfields, as part of a significant oil production deal announced by President Donald Trump. The takeover comes after Trump secured access to Venezuela's 64 billion barrels of proven oil reserves through a partnership with private businesses.
Among 14 newly granted contracts to U.S.-backed NABEP, 14 of the projects will be developed by the firm, while the remaining 80 percent of production will be reserved for U.S. government's holding rights, with preferential access to 20 percent. The deal aims to displace Chinese and Russian interests that have historically played a substantial role in the Venezuelan energy sector, and give the U.S. direct authority over who produces and sells Venezuela's oil.
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