Trump Administration Reveals Venezuela Oil Deal Details
The White House has revealed more details about President Donald Trump's plan to tap into Venezuela's oil industry, which was announced earlier this month. The deal will give the Pentagon a stake in roughly a fifth of the country's vast oil reserves through a joint venture with North American Blue Energy Partners.
According to the White House, the U.S. is partnering with NABEP as part of Trump's push to boost oil production in Venezuela. The company, owned by Venezuelan businessman Alejandro Betancourt, will have 100-year rights over 17 oil fields with proven reserves of 65 billion barrels.
The deal includes a private company that will be created as a joint venture between the U.S. and NABEP. The Pentagon's Office of Strategic Capital will have a 35% ownership stake in the company, while the U.S. will also have a right to purchase 20% of the output at cost.
Trump has been pushing to boost oil production in Venezuela since January, when a military mission captured then-President Nicolás Maduro on federal narcoterrorism and drug trafficking charges.