The United States has gained access to Venezuelan oil assets while simultaneously pushing Chinese and Russian companies out of them. The deal involves 14 new contracts that could reshape the balance of power around Venezuela’s vast oil reserves.
US oil company North American Blue Energy Partners (NABEP) will take control of several Venezuelan oil fields previously operated by Chinese and Russian companies, Reuters reports. The deal is part of a broader oil agreement between the United States and Venezuela.
NABEP has received a total of 14 new contracts, five of which were previously held by Chinese companies and one by a Russian firm. As a result, Washington is gaining more direct influence over Venezuela’s strategically important oil assets.
The United States will also receive a 35% stake in the company, while the US government will have preferential access to part of its oil production. The White House also said Washington has the right of first refusal on the remaining 80% of NABEP’s output.
Earlier, the US president said the agreement had given the United States access to approximately 64 billion barrels of Venezuela’s proven oil reserves. US companies are now gaining a foothold in the country’s strategically important oil assets while reducing the presence of China and Russia.
The deal therefore represents more than an economic agreement — it also marks a significant shift in the balance of power around Venezuela’s vast oil reserves.
Read also: Aircraft and Drones Protect Crops Ahead of China’s Autumn Harvest
