U.S. oil firm to take over some Venezuelan oilfields previously run by Chinese, Russian companies: Reuters
The U.S. government has secured an agreement for North American Blue Energy Partners to take over oilfield projects in Venezuela previously held by Chinese and Russian firms. This move is part of a broader strategy to increase U.S. access to Venezuelan oil reserves.
Why it matters
This represents a significant shift in geopolitical influence over energy resources, directly challenging the presence of U.S. rivals in the region.
U.S. oil company North American Blue Energy Partners will take over some oilfields previously controlled by five 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.
Last week, Trump announced that the U.S. had secured access to some 64 billion barrels of Venezuela's proven oil reserves through a partnership with private business.
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