world 1 September 2026 Daily Monitor (Uganda)
US Firm to Assume Control of Venezuelan Oilfields Amidst Shifting Geopolitical Landscape
A U.S. energy company, North American Blue Energy Partners (NABEP), is set to take over several Venezuelan oilfields previously managed by Chinese and Russian firms. This move is part of a significant oil production agreement announced by President Donald Trump, aiming to increase U.S. access to Venezuela's vast oil reserves. Source: https://www.monitor.co.ug/uganda/news/world/us-firm-to-take-over-some-venezuela-oilfields-previously-run-by-chinese-russian-firms-5580422
U.S. officials have confirmed that North American Blue Energy Partners (NABEP) will assume operational control of certain Venezuelan oilfields. These fields were previously operated by Chinese companies and a Russian firm, marking a notable shift in the country’s energy sector.
This development is a key component of a broader oil production agreement between the United States and Venezuela, announced by President Donald Trump. NABEP has been granted 14 new contracts, with the U.S. government securing a 35% stake in the company and preferential access to 20% of its oil production.
Venezuelan businessman Alejandro Betancourt, who now controls NABEP, expressed optimism about the deal. “This transaction will unleash that potential to the great benefit of both Venezuelans and Americans,” Betancourt stated, highlighting the country’s natural resources and untapped potential.
The agreement provides U.S. companies with a strategic foothold in Venezuela’s oil assets, displacing existing Chinese and Russian interests. The U.S. will also have significant influence, including veto power over NABEP’s board, with a stipulation that a majority of the board must be American citizens.
Among the fields transitioning to NABEP’s control are those previously operated by China Concord Resources, Sinopec, and China National Petroleum Corp. The U.S. government views this as an opportunity to redirect oil production previously destined for China to American refineries.
President Trump indicated that the U.S. is securing millions of barrels of oil, which will be shipped to refineries in Texas and Louisiana. Talks are also underway with Venezuela’s 2015 National Assembly to establish a constitutional framework for economic decisions, including the revival of the nation’s oil industry.