Venezuela grants North American Blue Energy Partners 100-year concessions for 17 oil fields
Cabimas, Venezuela, Oil tanker is seen at dock of crude on Lake Maracaibo. (Photo by: Jose Bula Urrutia/UCG/Universal Images Group via Getty Images)
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Venezuelan interim authorities have granted U.S.-backed North American Blue Energy Partners, or NABEP, 100-year concessions for 17 oil fields, with proven reserves of about 65 billion barrels, the White House said on Monday.
NABEP is the Latin American nation’s second-largest private oil producer. The company has granted the U.S. Department of War’s Office of Strategic Capital equity stake of 35% in its corporate parent, “representing up to hundreds of billions in value and dividends for the United States.”
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