Venezuela clarified that it maintains "control and ownership" of its oil resources after the agreement with the United States to explore a fifth of the country's crude oil reserves. The Minister of Hydrocarbons, Paula Henao, stated in an interview with the Venevisión channel that this is a "commercial agreement" to bring investment and technology and that the country has not lost sovereignty. The agreement is valid for 25 years and involves the development of 17 fields with total reserves of 65 billion barrels, with a production target exceeding 1.5 million barrels per day.
The 17 fields included in the agreement were assigned to North American Blue Energy Partners (NABEP), which granted the US Department of Defense a 35% equity stake. Behind NABEP is businessman Alejandro Betancourt, under investigation in Spain and Switzerland for alleged money laundering and tax fraud.
