U.S.-backed NABEP to take control of Venezuelan oil fields in new production deal
A U.S.-backed oil company is set to take control of several oil fields in Venezuela that were previously operated by Chinese companies and a Russian firm. The arrangement was announced on Monday and is part of a broader production deal linked to access to Venezuela's vast oil reserves. The fields are among 17 projects that NABEP will control in the country, according to the supplied report.
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The company involved is North American Blue Energy Partners, or NABEP, which was previously owned by U.S. oil magnate Harry Sargeant and is now controlled by Venezuelan businessman Alejandro Betancourt. Two U.S. officials were cited as saying the projects were among 14 contracts recently awarded to NABEP. Betancourt confirmed the transaction in a statement, saying it would unlock Venezuela's natural resources for the benefit of both Venezuelans and Americans.
Under the arrangement, the U.S. government will hold a 35% stake in NABEP and will have veto power. The company also said the U.S. will have preferential access to 20% of its output at cost, while the Department of State will have the right of first refusal on the remaining 80% of production. The deal is tied to an agreement announced by Donald Trump that would give access to about 64 billion barrels of Venezuelan oil reserves.
The development matters because it links control of oil assets in Venezuela to a wider geopolitical and commercial arrangement involving the United States. Venezuela has long held some of the world's largest proven oil reserves, but production has been constrained by years of underinvestment, sanctions pressure and the deterioration of state-run infrastructure. The report also points to fields that had been operated by foreign companies aligned with the previous administration of Nicolás Maduro, underscoring the political sensitivity of the transfer.
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The supplied material says the projects include assets that were previously run by state-linked Chinese operators and a Russian company, but it does not identify all of them by name. It also says the NABEP portfolio includes 17 projects in Venezuela, suggesting a significant expansion of the company's role in the country's energy sector. The arrangement appears to place the U.S. in a direct commercial position within a sector that has been central to Venezuela's economy and foreign relations for decades.
What remains unclear is how the transfer will be implemented on the ground, whether all regulatory and operational steps have been completed, and how the deal will affect existing production levels. It is also not clear how the arrangement will interact with Venezuela's state oil company, PDVSA, or with any remaining foreign operators. The next developments to watch are whether the contracts are formally executed and whether the promised access to reserves translates into measurable output.
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