US Firm Takes Control of Venezuelan Oilfields from Chinese, Russian Interests
US oil company North American Blue Energy Partners (NABEP) has taken over some Venezuelan oilfields previously controlled by Chinese and Russian firms, according to US officials.
The takeover is part of a sweeping oil production agreement announced by President Donald Trump with Venezuela. NABEP was granted 14 new contracts, including five projects operated by Chinese companies under the model promoted by former President Nicolas Maduro.
Two of the projects were operated by China Concord Resources, which was sanctioned by the US in 2019 for Iran-related activity. The US government will have a 35% stake in NABEP and preferential access to 20% of its production at cost.
The White House stated that NABEP has granted the US Department of State the right of first refusal to purchase the remaining 80% of its production. This deal gives the US direct control over some of Venezuela's strategically important oil assets and allows Washington to determine who produces and sells Venezuela's oil.