Venezuela grants U.S.-backed oil firm NABEP 100-year concessions for 17 oil fields, White House says
Venezuelan interim authorities have granted North American Blue Energy Partners 100-year concessions for 17 oil fields, White House says.
TL;DR
- NABEP received 100-year concessions for 17 oil fields in Venezuela with 65 billion barrels of proven reserves.
- The U.S. Department of War's Office of Strategic Capital will receive a 35% equity stake in NABEP's parent company.
- The U.S. government has the right to purchase 20% of NABEP's oil production at cost and a 'right of first refusal' on the remaining 80%.
- NABEP plans to invest up to $100 billion in new Venezuelan oil infrastructure.
- Analysts doubt the deal will rapidly decrease U.S. gas prices due to the scale of investment and Venezuela's production challenges.