The United States detailed plans to exercise greater control over private operator North American Blue Energy Partners (NABEP) as part of a historic agreement to take control of Venezuela's oil reserves. The agreement includes preferential rights to purchase a significant portion of oil production and veto power over the appointment of Board members of the company.
A fact sheet released by the White House presented the first public details of the agreement announced by President Donald Trump the previous week. The document reveals that the USA will have the first opportunity to purchase approximately 80% of NABEP's oil production, a private company that received 100-year concessions to explore 17 oil fields in Venezuela.
The crude oil will be supplied at production cost, according to the White House. The agreement comes seven months after the capture of former Venezuelan leader Nicolás Maduro in a secret military operation, which marked a significant shift in Venezuelan policy.
