Venezuela grants North American Blue Energy Partners 100-year concessions for 17 oil fields, White House says
- On Monday, the White House released terms granting North American Blue Energy Partners 100-year rights to 17 Venezuelan oil fields holding about 65 billion barrels. The Pentagon receives a 35% equity stake and the State Department a 20% output guarantee.
- Trump sought this arrangement after growing frustrated that major oil firms were not moving quickly enough to boost production. The administration aims to displace Chinese and Russian interests while securing domestic energy access following the capture of former President Nicolas Maduro.
- NABEP, controlled by businessman Alejandro Betancourt, plans to invest up to $100 billion in new infrastructure. Betancourt said the transaction would "unleash that potential to the great benefit of both Venezuelans and Americans," targeting over one million barrels daily.
- Democratic Sen. Jack Reed of Rhode Island called the plan "a blatant abuse of power and taxpayer dollars," questioning the use of military assets for a private venture. Industry analysts warn that rebuilding infrastructure requires years of effort and tens of billions in investment.
- Analysts remain skeptical about whether the deal can deliver promised production increases and lower fuel prices during the current presidency. Questions persist regarding the legal basis and the identity of private partners expected to fund the ambitious $100 billion infrastructure expansion.
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White House says deal to take control of Venezuelan oil will rely on North American Blue Energy Partners
The Trump administration's plan to take a stake in tens of billions of barrels of Venezuelan oil reserves will hinge on a private company called North American Blue Energy Partners, the White House announced Monday.
The concession remains in the hands of North American Blue Energy Partners (NABEP), owned by Venezuelan millionaire Alejandro Betancourt, investigated by Justice
This article was originally published on Cedarnews.net. For more news and exclusive reports, visit our website. Venezuela grants U.S.-backed oil firm NABEP 100-year concessions for 17 oil fields, White House says. Venezuela grants U.S.: Here’s what you need to know. This news was published on the Cedarnews website. For more breaking news and exclusive reports, visit our official website.
White House backs Venezuela oil deal giving Pentagon stake in vast reserves
The White House has tied up with NABEP to create a US-backed venture over Venezuelan oil fields. The pact gives the Pentagon a major stake and raises questions over political risk and output recovery.
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