Trump White House Unveils Venezuela Oil Deal Details
The White House has unveiled more details of US President Donald Trump's deal to access Venezuela's oil industry. The agreement gives North American Blue Energy Partners (NABEP) a private joint venture with a 100-year stake in over 17 oil fields, including those previously owned by Russian or Chinese firms.
NABEP is already the second-largest operator in Venezuela and has agreed to invest $100bn in new oil infrastructure. The Pentagon's Office of Strategic Capital will have a 35 percent ownership stake in the company, while the US will be guaranteed a right to buy 20 percent of the output at cost.
Venezuela's interim President Delcy Rodriguez is granting NABEP 100-year rights over the oil fields, which have proven reserves of 65 billion barrels. The deal aims to provide a source for the US to refill its strategic oil reserves and help produce asphalt and other goods.