The American oil company North American Blue Energy Partners will take control of several Venezuelan oil fields previously controlled by Chinese and Russian companies. This was stated to the Reuters agency by two US officials, explaining that the operation is part of the broader Venezuelan oil production agreement announced by President Donald Trump in recent days.
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At least 14 contracts have been awarded to North American Blue Energy Partners (Nabep), a company previously owned by American oil magnate Harry Sargeant and now controlled by Venezuelan entrepreneur Alejandro Betancourt. “Venezuela is blessed with an abundance of natural resources, a hardworking population, and untapped potential,” Betancourt said in a statement, confirming the agreement that excludes China and Russia. “This transaction,” he added, “will unlock that potential to the great benefit of both Venezuelans and Americans.”
Nabep has announced that the company will have operational control of the activity and that the US government will hold a 35% participation right in the company, as well as “preferential access” to 20% of production at cost price. The White House stated that Nabep has also granted the US State Department the right of first refusal to purchase the remaining 80% of production.
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Last week, Trump announced that the United States secured access to about 64 billion barrels of Venezuela’s proven oil reserves through partnerships with private companies. The agreement—a sort of sell-off of Venezuela, which has raised criticism in the country and worldwide—offers US companies access to some of the strategically most important oil resources of the South American country, displacing China and Russia, which have long played a leading role in Venezuela’s energy industry.
Now Washington decides, based on its own interests, who produces and sells Venezuelan oil. In the case of Nabep, the US reserved veto power over the composition of a board of directors that must have a majority composed of American citizens.
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