Venezuela grants North American Blue Energy Partners 100-year concessions for 17 oil fields, White House says
The agreement gives Washington a 35% stake and purchase rights to 20% of output as NABEP takes over 17 oil fields.
- Venezuela granted North American Blue Energy Partners a 100-year concession for 17 oil fields, controlling about 65 billion barrels of proven reserves, in a deal involving U.S. government backing and displacing Chinese and Russian operators.
- The U.S. government holds a 35% stake in the parent company, has preferential access to 20% of production at cost, and veto power over the company's board, aiming to modernize Venezuela's oil sector and attract over $100 billion in investment.
- The arrangement shifts Venezuelan oil supply toward the U.S. market, presenting strategic competition for heavy crude producers such as those in Alberta, Canada.
- This deal aligns Venezuela's oil sector with U.S. economic and geopolitical interests, potentially boosting production to over 1.5 million barrels per day and increasing tax revenues for Caracas.
170 Articles
170 Articles
Trump administration taking 35% equity stake in new Venezuelan oil company
The Trump administration has confirmed it will be taking a 35% equity stake in a new oil company that will drill across more than a dozen oil fields in Venezuela. On Monday night, the White House published new details of the deal, first announced by President Donald Trump late last week, revealing that the U.S. […]
The United States and Venezuela have signed an agreement that will give Washington control over the majority of their more than 65 billion barrels of proven oil reserves.
Venezuela's businessman Alejandro Betancourt, controlling North American Blue Energy Partners (NABEP), played a key role in the drafting of the United States-Venezuelan Washington-Caracas agreement for the exploitation of Venezuela's oil fields, and reported on Tuesday's edition of Axios with reference to the source.
Donald Trump's administration has revealed new details of the major energy deal with Venezuela, just days after the White House described it as one of the largest oil deals in history.According to a document published by the White House, the North American company North American Blue Energy Partners, or NABEP, has been placed at the center of the agreement.. Venezuela's interim authorities have granted the company 100-year concessions for 17 oil…
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