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US takes majority control of Venezuela oil through private venture
The White House says the deal spans 17 oilfields and includes a Washington veto over board appointments, with projected payouts near $200 billion over 25 years.
Beijing’s response to a new US-managed Venezuelan oil arrangement underscores concerns that the deal is fragile, according to SCMP Economy, following President Donald Trump’s Aug. 28 announcement.
The White House describes the arrangement as majority control over about 65 billion barrels of Venezuelan oil through a private company, North American Blue Energy Partners (NABEP), backed by 100-year concessions on 17 oilfields and 65 billion barrels of proven reserves.
SCMP Economy reports that the structure also includes a 35% Pentagon stake, a 20% State Department offtake at cost with a right of first refusal, and Washington’s veto over board appointments, with most directors required to be US citizens.
The outlet also cites Reuters, saying the US goal is to open the US market for the oil previously sent to China, while Venezuela’s interim president Delcy Rodriguez projected $209 billion in royalties and taxes over 25 years, and the White House put the figure at around $200 billion.