US Secures Stake in Venezuela's Oil Reserves Amid Trump-Backed Deal

The White House has revealed more details about the deal between the US and Venezuela's oil industry. The partnership, led by North American Blue Energy Partners (NABEP), will give the Pentagon a stake in roughly one-fifth of Venezuela's vast oil reserves.

NABEP, owned by Venezuelan businessman Alejandro Betancourt, has been granted 100-year rights to operate 17 oil fields with proven reserves of 65 billion barrels. The deal also includes $100 billion in new oil infrastructure investments from NABEP.

The US will have a 35% ownership stake in the company through the Office of Strategic Capital, and will be guaranteed a right to purchase 20% of the output at cost, orchestrated through the State Department.