U.S. to take over Venezuelan oilfields previously run by Chinese, Russian firms

U.S. firm North American Blue Energy Partners will take over Venezuelan oilfields previously run by Chinese companies and one Russian firm, Reuters reported August 31 citing two U.S. officials, as part of a broader oil agreement President Trump announced with Venezuela.

NABEP says it will hold operating control while the U.S. government gets a 35% stake, preferential access to 20% of production at cost, veto power over the company's board, and first refusal on the remaining 80% of output. Five of the fourteen newly granted fields had been run by Chinese firms including sanctioned China Concord Resources, Sinopec, and China National Petroleum Corp; one was Russian-operated.

Trump called it the 'biggest oil deal in world history,' claiming it secures over 65 billion barrels of reserves, doubles U.S. oil reserves, and will substantially lower gasoline prices — claims that arrive without independent verification attached. A White House source told CNN the arrangement gives the U.S. 55% of production in what would become the world's second-largest private oil company by reserves, while interim president Delcy Rodríguez reportedly granted a private company a 100-year concession.

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