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🇺🇸 United States /Energy & Infrastructure

U.S.-Venezuela Oil Deal to Rely on North American Blue Energy Partners

From CBS News · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • The White House said North American Blue Energy Partners will receive 100-year concessions to develop 17 Venezuelan oil fields containing about 65 billion barrels of reserves.
  • The U.S. Defense Department would take a 35% stake in the company, while the State Department would receive rights to purchase its oil output.
  • The plan aims to expand production and attract up to $100 billion in infrastructure investment, although some industry experts question whether it will quickly lower fuel prices.

The Trump administration’s proposed oil arrangement with Venezuela will depend on a private company that says it wants to lift production to more than 1 million barrels a day. North American Blue Energy Partners, or NABEP, would receive 100-year concessions to drill in 17 fields, according to a White House fact sheet.

The fields hold about 65 billion barrels, roughly one-fifth of Venezuela’s proven oil reserves. The U.S. Defense Department would take a 35% stake in NABEP. The State Department would have the right to buy 20% of the company’s output at production cost and first refusal on the rest.

Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential

— Alejandro BetancourtThe NABEP executive praised the agreement in a statement to President Trump and Interim President Delcy Rodriguez.

NABEP is led by Venezuelan executive Alejandro Betancourt and describes itself as Venezuela’s second-largest private oil producer, with output above 200,000 barrels per day. The company said it plans to increase production rapidly. Interim Venezuelan President Delcy Rodriguez has set a higher goal of more than 1.5 million barrels per day and described the arrangement as a 25-year deal.

This transaction will unleash that potential to the great benefit of both Venezuelans and Americans.

— Alejandro BetancourtBetancourt described the expected benefits of the oil arrangement.

The White House said NABEP plans to invest up to $100 billion in new Venezuelan oil infrastructure and that the agreement would come at no cost to U.S. taxpayers. President Donald Trump has said increased Venezuelan production would bring more oil to the U.S. market, reduce energy prices and help replenish the Strategic Petroleum Reserve. Some oil industry experts, however, said lower prices could take years or more than a decade to materialize.

Betancourt called Venezuela’s resources and workforce an untapped opportunity, while Rodriguez called the deal historic. She said Venezuela would retain control of its natural resources and gain private investment and tax revenue. The White House described the agreement as securing U.S. energy dominance for the next century.

This deal secures our energy dominance for the next century, all at zero cost to the United States

— The White HouseThe White House presented the agreement as a long-term U.S. energy gain.
About this summary

Originally published by CBS News in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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