US Partners with NABEP on Venezuela Oil Deal Amid Skepticism
The White House has revealed details of its agreement with North American Blue Energy Partners (NABEP) to tap into Venezuela's oil industry. The deal, announced by President Donald Trump as part of his push to boost oil production in Venezuela, will give the Pentagon a stake over roughly a fifth of the country's vast oil reserves.
The U.S. is creating a private company as a joint venture with NABEP, which is already the second-largest operator in Venezuela, behind Chevron. The company, owned by Venezuelan businessman Alejandro Betancourt, will have 100-year rights over 17 oil fields with proven reserves of 65 billion barrels.
The U.S. will also be guaranteed a right to purchase 20% of the output at cost, orchestrated through the State Department. The Pentagon's Office of Strategic Capital will have a 35% ownership stake in the company.