An agreement between the United States and Venezuela regarding oil control was revealed by the White House, with information published by the Bloomberg news agency. The document establishes that the US will have priority to purchase approximately 80% of the oil production from North American Blue Energy Partners (NABEP), a private company that received 100-year concessions to explore 17 oil fields in Venezuela.
According to the document, the crude oil will be supplied to the US at production cost. NABEP also grants the US State Department the right to purchase 20% of the production from the company's current and future fields.
The agreement also establishes that the US will have veto power over the appointment of any member of NABEP's board of directors. Additionally, the majority of board members must be composed of American citizens.
