Venezuela's Oil Comeback Could Cost Billions as Trump Administration Seeks Industry Revival
The Trump Administration is touting Venezuela's oil comeback as a tremendous opportunity to revive the industry in the world's largest crude oil resource holder.
A U.S.-led restructuring of the sector has kicked out Russian and Chinese companies from previously awarded concessions, spurring a flurry of oil deals with majors like Chevron and relatively unknown newcomers like North American Blue Energy Partners (NABEP).
The biggest deal in history, worth $100 billion in investment for new oil infrastructure, was announced by the White House last month. NABEP was granted 100-year concessions for 17 oil fields with proven reserves of approximately 65 billion barrels.
Rystad Energy, an intelligence firm, favors investment programs tied to established operators and defined assets over larger ambitions requiring substantial external capital.