Venezuela grants North American Blue Energy Partners 100-year concessions for 17 oil fields
CNBC • • business
Key Points:
- Venezuelan interim authorities have granted U.S.-backed North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields with proven reserves of about 65 billion barrels.
- NABEP, the second-largest private oil producer in Venezuela, has given the U.S. Department of War's Office of Strategic Capital a 35% equity stake in its parent company, potentially worth hundreds of billions in value and dividends for the U.S.
- President Donald Trump announced a deal giving the U.S. majority control over approximately 20% of Venezuela's massive oil reserves.
- The U.S. government will have the right to purchase 20% of the off-take from all current and future NABEP-operated fields at production cost to help replenish the U.S. strategic petroleum reserves.
