U.S. oil company North American Blue Energy Partners (NABEP) will take over oilfields previously controlled by several Chinese companies and a Russian firm, two U.S. officials told Reuters on Monday. Under the agreement, the U.S. government will receive a 35% stake in NABEP, veto power on the board, preferential access to 20% of production at cost, and first refusal rights on the remaining 80%.
The Zioneer reported earlier today that the White House published the full terms of the US-Venezuela oil deal, granting 100-year leases on 17 oil fields to NABEP. In a new development, two US officials told Reuters on Monday that NABEP will take over oilfields previously controlled by several Chinese companies and a Russian firm. Under the agreement, the US government will receive a 35% stake in NABEP, veto power on the board, preferential access to 20% of production at cost, and first refusal rights on the remaining 80%.
The transfer of these fields marks a shift in control of Venezuelan oil assets from Chinese and Russian entities to a US-aligned company with direct government oversight. The US government's sweeping control over NABEP, including a board veto, ensures Washington's influence over operations and output. The deal is part of the Trump administration's broader strategy to secure energy resources and counter rival influence in Latin America.
The terms of the agreement remain subject to finalization, and it is unclear when the transfer of operations will take effect. The Zioneer will continue to track developments.
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Source and signal
- Open-source intake