Venezuela Oil Deal Sparks Concerns Over US Government Ties
North American Blue Energy Partners (NABEP), a company led by Venezuelan businessman Alejandro Betancourt, is expanding its operations in Venezuela with a massive investment of nearly $100 billion. The company plans to increase oil production to more than 1 million barrels per day.
NABEP has secured the rights to operate 17 oil fields in Venezuela for 100 years as part of an agreement reached between NABEP, the U.S. government, and Venezuelan authorities in August. As a result, Washington secured a potential stake in the company and rights to a portion of its production.
The deal has raised concerns among other major oil companies operating in Venezuela, including Chevron, ExxonMobil, and ConocoPhillips. Executives at these companies have expressed frustration about competing with NABEP, which has ties to the U.S. government.