Trump announces 'historic deal' for Venezuelan oil; U.S.-backed NABEP to replace Chinese, Russian operators of 17 fields

President Trump has announced a 'historic deal' that will see North American Blue Energy Partners (NABEP) replace Chinese and Russian operators in 17 Venezuelan oil fields, with a target production of 1.5 million barrels per day.¹²³⁶

NABEP, backed by the U.S. government, has secured 14 oil deals from the Venezuelan government, granting the U.S. a 35% stake in the company and access to 20% of its production at cost. The federal government will also have the right of first refusal for the purchase of the remaining 80% of NABEP's production.

The White House stated, “NABEP has developed an ambitious plan to rapidly scale production by investing up to $100 billion in new oil infrastructure in Venezuela, helping to drive economic growth, support thousands of high-paying jobs in Venezuela, and lead to tens of billions in broader economic activity.”

Alejandro Betancourt, owner of NABEP, emphasized, “Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential. This transaction will unleash that potential to the great benefit of both Venezuelans and Americans.”⁷⁸

The fields previously operated by Chinese companies, including Sinopec and China National Petroleum Corp., and Russia’s Roszarubezhneft, are now set to be revitalized under U.S. management, opening new opportunities for American operators and shifting the oil market from China to the U.S.⁴⁵⁹

One official noted, “Not only are we opening up new opportunities for the U.S. government to benefit and for U.S. operators to benefit, we are opening up the United States as the market for this oil which was previously being sent to China.”