Trump Administration Seals Deal with NABEP for Venezuelan Oil

The Trump administration has announced a deal to tap into Venezuela's oil industry, partnering with North American Blue Energy Partners (NABEP) as part of President Donald Trump's push to boost oil production in Venezuela.

The agreement will give the Pentagon's Office of Strategic Capital a 35% ownership stake in the company and guarantees the U.S. a right to purchase 20% of the output at cost, orchestrated through the State Department.

NABEP, owned by Venezuelan businessman Alejandro Betancourt, is already the second-largest operator in Venezuela, behind Chevron. The deal will give the company 100-year rights over 17 oil fields with proven reserves of 65 billion barrels.

The White House claimed the deal would be 'at zero cost' to the U.S., and said the government would have veto power on board members, the majority of whom would be U.S. citizens.