US Govt. and NABEP Reach $100B Deal to Develop Venezuela's Oil Sector
The United States Government and North American Blue Energy Partners (NABEP) have reached a historic deal to develop Venezuela's oil sector. The agreement, announced by President Donald J. Trump on Truth Social, is expected to involve nearly $100 billion in investment to commercialize more than 65 billion barrels of P1 reserves in Venezuela.
NABEP will have operating control of the business, with the United States Government holding a 35% stake in the company and preferential access to 20% of the company's production at cost. This deal is seen as a major win for both American and Venezuelan people, bringing jobs and fiscal stability for Venezuelans and lower prices at the pump for Americans.
Alejandro Betancourt, CEO of NABEP, stated that 'Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential.' The new venture is expected to bring tens of millions of additional barrels of Venezuelan oil to the global marketplace and thousands of well-paid jobs to Venezuela.