US firm to take over some Venezuela oilfields previously run by Chinese, Russian firms

According to Business Recorder, citing a Reuters report, US firm North American Blue Energy Partners (NABEP) is set to take over some Venezuelan oilfields that Chinese firms and a Russian company had operated. Two US officials said the move forms a component of a wide-ranging crude output accord unveiled by President Donald Trump. They added that these projects are part of 14 new contracts awarded to the company, which Washington supports.

Its previous owner was US oil tycoon Harry Sargeant, while Venezuelan businessman Alejandro Betancourt now controls it and confirmed the deal in a statement. Under the arrangement, NABEP will handle operations, Washington would hold a 35 percent interest, and the US government gets priority access to 20 percent of output at cost. The White House also said NABEP gave the State Department first refusal on the other 80 percent of output, and the US holds veto rights over the board, where most members must be American citizens.

Officials said Chinese firms had run five of the 14 fields under a scheme backed by former president Nicolas Maduro, and a Russian company ran one. China Concord Resources, which faced US sanctions in 2019 tied to Iran activity, operated two of these fields.