US Firm Takes Control of Venezuelan Oilfields from Chinese and Russian Interests

US oil company North American Blue Energy Partners (NABEP) will take over some Venezuelan oilfields previously operated by Chinese and Russian companies, as part of a new agreement between Venezuela and the US. The move is a significant shift in Venezuela's energy sector, where Chinese and Russian interests have long dominated.

The 14 contracts awarded to NABEP include five operated by Chinese companies under a model promoted by former President Nicolas Maduro. One project was previously run by a Russian company. Two of these projects were operated by China Concord Resources, which was sanctioned by the US in 2019 for Iran-related activity.

The Trump administration views this deal as an opportunity to reshape Venezuela's oil industry and bring its vast reserves closer to US economic and geopolitical interests. NABEP is expected to control a total of 17 projects in Venezuela, with plans to develop and supply oil to the US.