US Secures Venezuela Oil Deal with NABEP

The US government has announced a major deal to take over 65 billion barrels of proven reserves in 17 oil fields in Venezuela through North American Blue Energy Partners (NABEP), a private company based in Barbados.

NABEP claims the arrangement will 'ultimately deliver billions in savings for American consumers and secure a stable and growing strategic supply of oil in the Western Hemisphere.'

The US government will take a 35 per cent shareholding in NABEP and receive the right to 20 per cent of the company's production 'at cost', whatever that means.