Venezuela Transfers Oil Projects to US-Linked Firm Amid Shifting Global Energy Landscape
Venezuela's oil industry is undergoing significant changes as several projects previously operated by Chinese and Russian companies are being transferred to a private oil firm linked to the United States.
The Venezuelan government plans to grant 14 oil development rights to North American Blue Energy Partners (NABEP), a company operated by Venezuelan businessman Alejandro Betancourt, who has close ties with interim President Delcy Rodríguez.
Under an oil agreement between US President Donald Trump and Rodríguez, the United States is expected to hold a 35 percent non-managing stake in NABEP and receive the right to purchase 20 percent of its oil production at cost.
The transfer involves five projects previously operated by Chinese companies and one by a Russian company during the administration of Nicolás Maduro. With the addition of these 14 projects, NABEP is expected to operate a total of 17 oil fields in Venezuela, holding an estimated 65 billion barrels of combined reserves.