US Firm Takes Control of Venezuelan Oilfields from China, Russia

A US oil company called North American Blue Energy Partners is taking over some Venezuelan oilfields previously run by Chinese and Russian companies, according to Reuters. The takeover is part of a sweeping oil production agreement announced last week by President Donald Trump with Venezuela.

The projects were among 14 contracts newly granted to NABEP, which plans to develop them and supply oil to the US. Five of these contracts had been operated by Chinese companies under a model promoted by former President Nicolas Maduro, while one was previously operated by a Russian company.

Two of the projects have been operated by China Concord Resources, which was sanctioned by the US in 2019 for Iran-related activity. The Trump administration views this partnership as a way to reshape Venezuela's oil industry and bring its vast reserves closer to US economic and geopolitical interests.