White House says deal to take control of Venezuelan oil will rely on North American Blue Energy Partners
August 31, 2026 / 11:15 PM EDT / CBS News
TL;DR
- The Trump administration is partnering with North American Blue Energy Partners (NABEP) to access Venezuelan oil reserves.
- NABEP has been granted 100-year concessions for 17 oil fields holding about 65 billion barrels of oil.
- The U.S. Defense Department will acquire a 35% stake in NABEP.
- NABEP aims to increase production significantly, potentially over 1 million barrels per day.
- The White House states the deal will cost American taxpayers nothing and enhance U.S. energy dominance.
- Critics question the deal's legality and potential effectiveness, citing infrastructure needs and oil quality.
- Concerns have been raised about the potential for an 'asset grab' and the use of U.S. military assets in a private venture.