U.S. Inks Deal with NABEP to Develop 17 Venezuelan Oil Fields

The U.S. government has reached an agreement with North American Blue Energy Partners (NABEP) to develop 17 Venezuelan oil fields, which hold approximately 65 billion barrels of confirmed reserves.

NABEP will invest as much as $100 billion in Venezuela's oil infrastructure to boost output from these assets, with the U.S. Department of War's Office of Strategic Capital securing a 35% ownership interest in NABEP's parent company.

The administration notes that this deal could supply oil for the Strategic Petroleum Reserve and other federal needs, with some added Venezuelan output expected to be refined at U.S. facilities.