The administration partners with North American Blue Energy Partners to secure a stake in Venezuela's oil reserves

The administration announced a partnership with North American Blue Energy Partners to tap into Venezuela's oil industry. This deal provides the Pentagon with a stake in roughly one-fifth of the country's oil reserves. As part of the agreement, Venezuela's acting President Delcy Rodríguez granted the company 100-year rights over 17 oil fields with proven reserves of 65 billion barrels. The company, owned by Alejandro Betancourt, has agreed to invest $100 billion in new oil infrastructure. The administration announced that the Pentagon's Office of Strategic Capital will hold a 35% ownership stake in the company, while the U.S. is guaranteed a right to purchase 20% of the output at cost. Alejandro Betancourt stated that the deal will benefit both Venezuelans and Americans. The agreement was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio. While the deal is expected to take years to fully revive the energy sector, the administration announced that it will help refill America's strategic oil reserves.

Sources

• NPR
  Days after Trump announces Venezuela oil deal, White House fills in some of the details
• Honolulu Star-Advertiser
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• FOX Weather
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Paywall and unreadable sources

• The New York Times
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• PBS
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