US and NABEP Secure $100 Billion Oil Deal in Venezuela

The United States government has reached an agreement with North American Blue Energy Partners (NABEP) to significantly expand oil production in Venezuela. Under the terms of the deal, NABEP will retain operational control of the company while the U.S. government will hold rights to a 35% stake and preferential access to 20% of its production at cost.

The agreement is expected to allow NABEP to commercialize over 65 billion barrels of P1 reserves in Venezuela, with nearly $100 billion in investment to increase production capacity and oil and gas infrastructure. This expansion would generate more than $209 billion in tax revenue for the Venezuelan state.

Alejandro Betancourt, CEO of NABEP, has led the company's oil operations in Venezuela for over 15 years, increasing production from approximately 18,000 barrels per day to over 200,000 barrels per day through roughly $1 billion in investment. The company now directly employs over 5,000 people and supports more than 10,000 contractor employees across the country.