Venezuela Grants Access to 17 Oil Fields to North American Blue Energy Partners
The Trump administration has finalized a deal with Venezuelan authorities to grant access to 17 oil fields to North American Blue Energy Partners, a private company. The deal, which marks one of the largest oil deals in history, aims to expand American involvement in Venezuelan oil production following the US capture of former leader Nicolás Maduro.
The agreement will give North American Blue Energy Partners control over the 17 oil fields, which hold a proven reserve of about 65 billion barrels. The company has granted the Department of Defense's Office of Strategic Capital a 35% equity stake in the joint venture, and the State Department will have the right to purchase 20% of the oil at cost.
Energy Secretary Chris Wright acknowledged that it may take years for the deal to make a difference in US energy supply. He also noted that additional operators will need to be brought in to meet the scale of the operation, which is expected to require about $100 billion in capital investment.