The American corporation North American Blue Energy Partners (NABEP) will acquire operational management of fourteen oil production contracts in Venezuelan fields. These fields were previously managed by several Chinese and one Russian company.
According to the terms of the reached agreement, the U.S. government will receive a thirty-five percent stake in NABEP, as well as guaranteed priority access to twenty percent of the extracted raw materials at cost. It is worth noting that former U.S. President Donald Trump had previously announced a 'biggest oil deal in history' between Washington and Caracas.
According to information provided by American officials, this deal will give the U.S. control over Venezuelan oil reserves estimated at 65 billion barrels. The implementation of this agreement is expected to help Venezuela attract approximately $100 billion in private investment, which is necessary for the country's economic recovery.
Currently, Venezuela, a member of OPEC since 1960, is studying the possibility of withdrawing from this organization. This issue is being discussed against the backdrop of the intensification of partnership between Caracas and Washington, as well as ongoing negotiations regarding long-term access for American firms to Venezuelan oil resources.
It was previously established that more than half of all oil produced in Venezuela, specifically over 500 thousand barrels daily out of a total production volume of about 1.25 million barrels, is sent to the U.S. Due to increased exports, Caracas is also concluding new agreements with American oil companies, seeking to attract capital and increase production volumes.