Pentagon Secures Venezuela Oil Rights in $100 Billion Deal

The United States Pentagon has signed a strategic agreement with North American Blue Energy Partners (NABEP), granting the military organization a 35% stake in the company free of charge.

Under this deal, NABEP will have exploitation rights for 100 years over 17 oil fields in Venezuela, which are estimated to hold around 65 billion barrels of oil.

The agreement also gives the State Department preferential access to production, allowing it to purchase up to 20% of the oil at production cost and giving it a right of first refusal over the remaining 80%.

NABEP estimates that investments will total nearly $100 billion, with the goal of exceeding one million barrels per day in production.