White House working with North American Blue Energy Partners on Venezuela oil deal
Summary
The White House announced a partnership with North American Blue Energy Partners (NABEP) to create a new oil company that gives the Pentagon a 35% ownership stake in Venezuela’s oil reserves. The deal includes a 100-year right to operate 17 oil fields and allows the U.S. State Department to buy 20% of the oil output at cost.Key Facts
- The U.S. is forming a new company with NABEP, the second largest oil operator in Venezuela.
- The Pentagon will own 35% of this new company.
- The State Department will have the right to purchase 20% of the oil produced at its cost price.
- NABEP is owned by Alejandro Betancourt and plans to invest $100 billion in new oil infrastructure.
- The U.S. government will have veto power over board decisions, and most board members will be U.S. citizens.
- The deal grants 100-year rights to 17 oil fields with about 65 billion barrels of proven oil reserves.
- Many of these oil fields were previously controlled by Russian or Chinese companies.
- The agreement is governed by U.S. law and subject to U.S. courts.
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