Commodities
US and NABEP Reach Historic Deal for Venezuela Oil Sector Expansion
The United States government and North American Blue Energy Partners (NABEP) have reached a historic deal to develop Venezuela's oil sector, marking a significant expansion in oil production for the country.
The agreement involves nearly $100 billion in investment to commercialize more than 65 billion barrels of P1 reserves in Venezuela. NABEP will have operating control of the business, with the US government holding rights to a 35% stake in the company and preferential access to 20% of its production at cost.
President Donald J. Trump hailed the deal as 'the biggest oil deal in world history' and said it would bring jobs and fiscal stability for Venezuelans, while lowering prices at the pump for Americans.