WASHINGTON: North American Blue Energy Partners (NABEP) will take control of several Venezuelan oilfields previously operated by Chinese companies and a Russian firm under a broader US-Venezuela oil agreement, two US officials told Reuters.
The arrangement forms part of 14 newly awarded contracts for NABEP, which is now controlled by Venezuelan businessman Alejandro Betancourt. The company said it would hold operating control while the US government would retain rights to a 35 per cent stake.
Moreover, Washington will receive preferential access to 20 per cent of production at cost, while the US State Department will hold the right of first refusal on the remaining 80 per cent.
Deal Expands US Role in Venezuela’s Oil Sector
US officials said five of the 14 newly awarded fields had previously been operated by Chinese companies, while one had been run by a Russian firm.
Two projects were linked to China Concord Resources, while others involved Sinopec and China National Petroleum Corp.
Additionally, two projects were operated by affiliates of Alex Saab, while another was linked to a relative of former Venezuelan president Nicolas Maduro’s wife, according to the officials.
The White House said the US would also have veto power over NABEP’s board, with a majority of directors required to be American citizens.
Washington Seeks to Redirect Venezuelan Oil Toward US Market
President Donald Trump said the US was already receiving millions of barrels of Venezuelan oil for refineries in Texas, Louisiana and elsewhere.
Meanwhile, US officials said the agreement would redirect oil previously sent to China towards American buyers.
The wider deal follows Trump’s announcement that US-linked companies had secured access to around 64 billion barrels of Venezuela’s proven reserves.
Officials also said talks with Venezuela’s interim authorities and representatives of the 2015 National Assembly could provide a legal basis for broader political and economic transition measures, including efforts to revive the country’s oil industry.
