North American Blue Energy Partners to take over Venezuelan oil fields
NABEP received 14 contracts in Venezuela; U.S. government will hold a 35% stake and preferential access to 20% of output.
An American oil firm, North American Blue Energy Partners (NABEP), will take over a number of Venezuelan oil fields that were previously operated by Chinese companies and a Russian firm, after reaching a broad production arrangement announced by U.S. President Donald Trump.
NABEP was awarded 14 new contracts by the Venezuelan government. Officials say five of those projects had been run by Chinese companies and one by a Russian company. The firm will assume operational control of those assets.
Ownership and U.S. involvement
NABEP was formerly owned by U.S. oil magnate Harry Sargent and is now controlled by Venezuelan businessman Alejandro Betancourt, who confirmed the agreement. Under the arrangement, the U.S. government will hold a 35 percent stake in the company and will receive preferred access to 20 percent of its production at production cost.
The company’s operational control combined with the government’s equity stake is presented as a partnership between private sector actors and the U.S. government to boost Venezuelan oil output.
President Donald Trump said last week that the United States, working with private partners, has secured access to about 64 billion barrels of Venezuela’s proven oil reserves.
Photo: press material from the event
