Trump Administration Turns to NABEP for Venezuelan Oil Deal
The White House announced that a deal to take control of Venezuelan oil reserves will rely on North American Blue Energy Partners (NABEP), a private company led by Venezuelan executive Alejandro Betancourt.
The agreement grants NABEP 100-year concessions to drill in 17 oil fields, containing about 65 billion barrels of oil, roughly one-fifth of Venezuela's total proven reserves.
The U.S. Defense Department will hold a 35% stake in the company, while the State Department has the right to buy 20% of NABEP's output at cost, with first refusal on all other production.
Betancourt aims to increase daily production from over 200,000 barrels to more than 1 million barrels, with Rodriguez stating the ultimate goal is to produce over 1.5 million barrels per day.