US Oil Company Takes Over Venezuelan Fields from China and Russia

A US oil company, North American Blue Energy Partners (NABEP), will take over several Venezuelan oil fields previously operated by Chinese and Russian companies. NABEP is backed by the US government, which has granted it 14 oil deals with Venezuela. The US government will have rights to a 35% stake in NABEP plus access to 20% of its production at cost.

The fields that NABEP will now operate were previously managed by Chinese companies Sinopec and China National Petroleum Corp., as well as Russia's Roszarubezhneft. The US government will also have the right of first refusal for the purchase of the remaining 80% of NABEP's production from Venezuelan fields.

NABEP has announced plans to invest up to $100 billion in new oil infrastructure in Venezuela, aiming to rapidly scale production and drive economic growth. This move is seen as a significant development in the US-Venezuela oil relationship, with one official stating that it will 'unleash [Venezuela's] potential'.