$100B Venezuela Oil Deal Puts US at Center of Future Supply

The White House has announced a major agreement to develop Venezuela's oil reserves, with North American Blue Energy Partners (NABEP) at its center.

The deal grants NABEP 100-year concessions to develop 17 Venezuelan oil fields holding approximately 65 billion barrels of proven reserves.

NABEP plans to invest up to $100 billion in new infrastructure as it expands production, which is expected to take years.

This investment will benefit U.S. energy companies, including those that provide drilling equipment, oilfield services, and infrastructure.

The agreement also gives the United States priority access to future Venezuelan production, with the right to buy 20% of NABEP's production at production cost and first refusal on the remaining 80% in certain situations.