US Takes Control of Venezuelan Oilfields in Historic Partnership Deal
North American Blue Energy Partners (NABEP) is set to take control of several Venezuelan oilfields previously operated by Chinese and Russian companies. The takeover is part of a sweeping oil production agreement announced by President Donald Trump with Venezuela.
NABEP will have operating control, while the US government will hold a 35% stake in the company, alongside 'preferential access' to 20% of its production at cost.
The White House said NABEP has granted the US Department of State the right of first refusal to purchase the remaining 80% of its production. The arrangement gives US companies a foothold in some of Venezuela's strategically important oil assets, displacing Chinese and Russian interests that have long played a major role in the country's energy sector.
Venezuelan businessman Alejandro Betancourt said 'Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential.' He added that the transaction will 'unleash that potential to the great benefit of both Venezuelans and Americans.'