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The administration announced a deal giving the Pentagon a 35% ownership stake in Venezuela's oil reserves.

The administration announced a partnership with North American Blue Energy Partners to secure 65 billion barrels of Venezuela's proven crude oil reserves. This deal grants the Pentagon's Office of Strategic Capital a 35% equity stake at no cost to the American taxpayer. Additionally, the State Department has the right to purchase 20% of the oil output at production cost, with a first refusal right for the remaining 80% of the production. Alejandro Betancourt, the CEO of North American Blue Energy Partners, will lead the company, which has been granted 100-year concessions to 17 Venezuelan oilfields. The administration stated that the deal aims to encourage private investment and secure resources for national security. While the deal is expected to provide long-term benefits for U.S. consumers, experts noted that immediate gasoline price relief is unlikely. The deal is considered unprecedented because the U.S. government is taking a direct ownership stake in a foreign oil company. While some officials expressed skepticism regarding the long-term viability of the deal, the administration emphasized that the partnership was chosen to de-risk private investment and secure fields that were previously under the influence of Chinese and Russian companies.

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