North American Blue Energy Partners (NABEP), a US oil company, will assume operational control of 17 oil fields in Venezuela, five of which were previously developed by China and one by Russia, Reuters reported, citing two US officials. The name of the Russian company was not disclosed.
Under the deal, the US government will receive a 35% stake in NABEP and preferential access to 20% of its output at cost. The White House also said NABEP granted the State Department the right of first refusal on the remaining 80% of production. According to The Moscow Times, the main Russian company operating in Venezuela was Roszarubezhneft, created in 2020 after Rosneft sold its assets.
The transfer is part of a broader agreement announced by Donald Trump in late August, under which Washington and Caracas agreed to hand US control over Venezuelan fields holding 65 billion barrels. US officials said this could attract about $100 billion in private investment to Venezuela.
NABEP is controlled by Venezuelan businessman Alejandro Betancourt, whom the Financial Times described as a “cynical opportunist” and “skilled manipulator.” Switzerland has sought his extradition on money-laundering charges. The Trump administration considers Venezuela’s 2015 parliament the last legitimate legislative body; negotiations with it and interim authorities are meant to provide the legal framework for the transition period.