Reuters: Venezuela to hand oil fields run by Chinese, Russian firms to U.S.-backed operator
The American company North American Blue Energy Partners (NABEP) will take control of several oil fields in Venezuela that were previously operated by several Chinese companies and one Russian firm, two U.S. officials told Reuters.
NABEP will receive a total of 14 oil production contracts in Venezuela. It will exercise operational control, while the U.S. government will hold rights to a 35% stake in the company, along with “preferential access” to 20% of the oil produced, at cost.
In August, U.S. President Donald Trump said Washington and Caracas had struck the “biggest oil deal in history.” Under the deal, the U.S. will gain access to some 64 billion barrels of Venezuela’s proven oil reserves. As a result, U.S. officials said, Venezuela will be able to attract about $100 billion in private investment, which will help rebuild the country’s economy.
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