US Seeks Stake in Venezuela's Massive Oil Reserves Amid Industry Skepticism
The United States is pushing for an agreement to acquire development rights to one-fifth of Venezuela's oil reserves, which amounts to approximately 65 billion barrels of oil. Under the deal, private oil firm North American Blue Energy Partners (NABEP) will obtain 100-year operating leases for 17 oil fields in Venezuela.
The U.S. government will acquire a 35% stake in NABEP's parent company and lock in 20% of oil production as a guaranteed share, while also holding first-purchase rights for all remaining production. The agreement has sparked skepticism from multiple oil companies evaluating investment opportunities in the country.
Alejandro Betancourt, the actual controller of NABEP, is a Venezuelan businessman who was investigated by U.S. and European authorities due to his past business dealings with the Venezuelan government. International oil majors and large foreign enterprises have expressed concerns about cooperating directly with Betancourt.
ExxonMobil and ConocoPhillips have been cautious in their approach to investing in Venezuela, citing insufficient legal certainty and contractual guarantees. The proposed deal has also raised concerns that U.S. companies may face competition from the U.S. government for access to Venezuelan oil reserves.