The U.S. Will Gain Control of Russian and Chinese Oil Fields in Venezuela — Reuters
The American company North American Blue Energy Partners (NABEP) will gain control over a number of oil projects in Venezuela that were previously managed by Russian and Chinese companies.
Under the agreement, NABEP plans to develop 17 projects, and the oil produced will be supplied primarily to the U.S. market. Five of the new assets were previously controlled by Chinese entities, one by a Russian company, and three others were linked to Nicolás Maduro’s inner circle.
Under the terms of the agreement, the U.S. government will receive a 35% stake in NABEP and veto power over the board of directors’ decisions. The majority of the board members must be U.S. citizens.
Washington will also have preferential access to 20% of the produced oil at cost and the first right to purchase the remaining volumes. Part of the oil previously exported to China is planned to be redirected to refineries in Texas and Louisiana.
Source: Reuters
Venezuela’s interim president, Delcy Rodríguez, announced details of a new oil agreement with the United States. According to her, the 25-year bilateral project calls for the development of 17 strategic oil fields with a target production of over 1.5 million barrels per day.
On August 28, U.S. President Donald Trump announced that the U.S. had signed an agreement with Venezuela under which it would gain control over 65 billion barrels of the South American country’s oil reserves.
