North American Blue Energy Partners to Take Over Some Venezuelan Oilfields

U.S. oil company North American Blue Energy Partners will take over some oilfields previously controlled by several Chinese companies and a Russian firm, two U.S. officials told Reuters on Monday.

The takeover will be part of a sweeping oil production agreement that President Donald Trump announced with Venezuela, they said.

The projects were among 14 contracts newly granted to U.S.-backed North American Blue Energy Partners, according to the officials. NABEP was previously owned by U.S. oil tycoon Harry Sargeant and is now controlled by Venezuelan businessman Alejandro Betancourt.

"Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential,” Betancourt said in a statement, confirming the deal. “This transaction will unleash that potential to the great benefit of both Venezuelans and Americans."

NABEP said it will have operating control of the business and the U.S. government will have holding rights to a 35% stake in the company, alongside "preferential access" to 20% of the company’s production at cost.

The White House said NABEP has also granted the U.S. Department of State the right of first refusal to purchase the remaining 80% of its production.

Last week, Trump announced that the U.S. had secured access to some 64 billion