The United States released details of plans to expand its control over Venezuela's oil sector. Under the agreement, the private company North American Blue Energy Partners (Nabep), in which the American government will have a 35% stake, will take over the exploration and production rights of 17 oil fields in the country.
Most of these areas were previously under the control of Chinese and Russian companies, as well as groups linked to local allies of former Venezuelan president Nicolás Maduro. In practice, the arrangement expands American presence over strategic assets in Venezuela's oil industry and reinforces Washington's influence over one of the country's main economic sectors.
The oil company, which previously belonged to American oil magnate Harry Sargeant, is now controlled by Venezuelan businessman Alejandro Betancourt, considered close to the United States. Under the agreement, the company will have a one-hundred-year concession to explore the fields.
