Venezuela Hands NABEP Control Over 17 Oil Fields With 65 Billion Barrels of Reserves

Venezuela has granted North American Blue Energy Partners (NABEP) century-long concessions to operate 17 oil fields, containing roughly 65 billion barrels of proven reserves. This move marks a significant shift in control over some of the world's largest untapped crude deposits and strengthens Washington's foothold in Venezuela's energy sector.

Under the agreement, NABEP will pay around $200 billion in royalties and taxes over the first 25 years of the concessions, according to Reuters. The company also plans to invest approximately $100 billion to build new oil infrastructure in the country, which is expected to generate tens of billions of dollars in broader economic activity and support thousands of high-paying jobs.

The deal appears to involve the transfer of fields previously controlled by Chinese and Russian companies, with NABEP taking over some oil fields formerly run by several Chinese firms and one Russian company. The U.S. government has secured a 20% equity stake in NABEP's output from these fields at production cost, as part of a program to replenish the Strategic Petroleum Reserve.