Key facts
- North American Blue Energy Partners will assume control of oilfields previously operated by five Chinese companies and one Russian firm.
- This shift is part of a broader oil production agreement between the U.S. and Venezuela, announced by President Donald Trump.
- The U.S. has secured access to approximately 64 billion barrels of Venezuela's proven oil reserves through a partnership with private business.
- North American Blue Energy Partners will manage 17 projects in Venezuela, with 14 newly granted by the Venezuelan government.
- This arrangement displaces Chinese and Russian interests in Venezuela's energy sector and gives the U.S. a role in determining oil production and sales.
U.S. oil company North American Blue Energy Partners (NABEP) is set to take over oilfields previously operated by five Chinese companies and one Russian firm as part of a significant oil production agreement with Venezuela. The deal, announced by President Donald Trump, grants U.S. companies access to approximately 64 billion barrels of Venezuela's proven oil reserves.
NABEP, now controlled by Venezuelan businessman Alejandro Betancourt, will manage a total of 17 projects in Venezuela, with 14 of those contracts newly granted by the Venezuelan government. This strategic move displaces existing Chinese and Russian interests in the country's energy sector and positions Washington to influence the production and sale of Venezuelan oil, aligning with U.S. economic and geopolitical objectives.
Previously, five contracts were operated by Chinese companies under a model promoted by former President Nicolas Maduro, while one was managed by a Russian company. The arrangement aims to reshape Venezuela's oil industry and bring its vast reserves closer to U.S. interests.