US Secures Oil Deal with Venezuela, Gaining Control Over 65 Billion Barrels

The US government has released details of its oil deal with Venezuela, which grants North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields with proven reserves of approximately 65 billion barrels.

Under the agreement, NABEP will have a 35 percent equity stake in its corporate parent granted to the US Department of War's Office of Strategic Capital. The company has also agreed to give the US Department of State the right to purchase 20 percent of all current and future fields' output at production cost.

The US government will have veto power over NABEP's board appointments, with a majority of members required to be US citizens. The agreement is governed by US law and subject to US courts' jurisdiction.