US and NABEP Seal Historic Deal to Unlock Venezuela's Oil Potential
A historic deal has been reached between the United States government and North American Blue Energy Partners (NABEP) to develop Venezuela's oil sector.
The agreement, announced by President Donald J. Trump as 'the biggest oil deal in world history,' 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 United States government holding a 35% stake and preferential access to 20% of the company's production at cost.
Alexander Betancourt, CEO of NABEP, said 'Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential,' adding that this transaction will 'unleash that potential to the great benefit of both Venezuelans and Americans.'