US and NABEP Reach Historic Deal on Venezuela Oil Sector Development

The United States government and North American Blue Energy Partners (NABEP) have reached a historic deal to develop Venezuela's oil sector. The agreement, announced by President Donald J. Trump as 'the biggest oil deal in world history', is expected to involve 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 United States government holding a 35% stake in the company and preferential access to 20% of its production at cost. The deal is expected to bring tens of millions of additional barrels of Venezuelan oil to the global marketplace, thousands of well-paid jobs to Venezuela, and billions in incremental investment and broader economic activity to drive growth in Venezuela's recovering economy.

NABEP CEO Alejandro Betancourt said 'Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential. This transaction will unleash that potential to the great benefit of both Venezuelans and Americans.' The company plans to rapidly expand its operations in Lake Maracaibo and the Orinoco Belt, aiming to increase production to over 1 million barrels per day.

The deal is expected to generate more than $209 billion in tax revenue for the Venezuelan state and support thousands of manufacturing jobs in the United States through purchases of oil infrastructure and equipment from U.S. suppliers.