US-backed Venezuelan oil giant NABEP gets 100-year concessions for 17 fields

North American Blue Energy Partners (NABEP), Venezuela’s second-largest private oil producer, has secured 100-year concessions for 17 oil fields holding about 65 billion barrels of proven reserves, under a landmark deal backed by the Trump administration, the White House said on August 31.

The agreement gives the US Department of War’s Office of Strategic Capital a 35% equity stake in NABEP’s corporate parent, which the White House said could represent “hundreds of billions” of dollars in value and

dividends for the US.

The US Department of State will also have the right to purchase 20% of NABEP’s current and future oil output at production cost, while retaining the right of first refusal on the remaining 80%.

Washington will have significant governance powers, including veto rights over board appointments, while a majority of NABEP’s board must be US citizens.

The White House described the agreement as the "biggest oil deal in world history”, saying it gives the US majority control of more than 65 billion barrels of Venezuelan proven reserves—more than the roughly 46 billion barrels of proven reserves currently in US territory.

$100 billion investment plan

NABEP plans to invest up to $100 billion in new Venezuelan oil infrastructure to ramp up production, the White House said.

The Trump administration expects NABEP to pay around $200 billion in royalties and taxes over the first 25 years as production increases, providing revenue for Venezuela’s reconstruction and social development.

The deal is part of the Trump administration’s broader plan for Venezuela, including stabilisation, reconstruction and democratic transition, while reducing Russian and Chinese influence over the country's oil sector.