US Secures 35% Stake in Venezuelan Oil Venture Covering 65bn Barrels
The United States has secured a significant stake in a Venezuelan oil venture that covers over 65 billion barrels of proven reserves. The deal, championed by President Donald Trump, gives Washington a 35 percent equity stake in North American Blue Energy Partners (NABEP), a privately held Venezuelan oil company.
Under the agreement, NABEP has received long-term concessions to develop and commercialize 17 oil fields under US control. The White House says this will expand US access to crude supplies, strengthen American energy security, and eventually help lower fuel prices.
The scale of the reserves involved is substantial, with over 65 billion barrels equivalent to more than the roughly 46 billion barrels currently located within US territory, according to the Trump administration. NABEP plans to invest up to $100 billion in Venezuela's oil infrastructure and increase production from its current operations.