US-Backed Firm Takes Control of Venezuelan Oil Fields

The US-backed company North American Blue Energy Partners (NABEP) will take control of several oil fields in Venezuela that were previously operated by Chinese and Russian firms.

Under a deal struck between Washington and Caracas, NABEP will receive 14 oil production contracts in Venezuela, with operational control. The US government will hold a 35% stake in the company, along with preferential access to 20% of the oil produced at cost.

The agreement, announced by US President Donald Trump in August, grants the US access to some 64 billion barrels of Venezuela's proven oil reserves.

According to US officials, this deal will enable Venezuela to attract around $100 billion in private investment, helping to rebuild the country's economy.