US-Backed Oil Company Secures Control Over Venezuelan Fields
A US-backed oil company, North American Blue Energy Partners (NABEP), is set to take over Venezuelan oilfields previously controlled by Chinese and Russian firms. The transfer forms part of a wider agreement between the US and Venezuela, which was announced by President Donald Trump.
The Venezuelan government has granted NABEP 14 new contracts, bringing its total number of projects to 17. The company plans to develop these fields and supply crude oil to the United States.
NABEP was previously owned by US oil tycoon Harry Sargeant but is now controlled by Venezuelan businessman Alejandro Betancourt. Trump announced last week that the US had secured access to about 64 billion barrels of Venezuela's proven reserves through a partnership with private business.