US oil company to take over Venezuelan oilfields previously run by Chinese and Russian firms

Aug 28, 2026

The United States has secured a sweeping energy agreement in Venezuela, enabling U.S.-backed North American Blue Energy Partners to take over oilfields previously run by five Chinese firms and a Russian company. Under the deal, Alejandro Betancourt's firm receives 100-year rights to 17 oil fields with 65 billion barrels of reserves, committing $100 billion in infrastructure. The Pentagon's Office of Strategic Capital will hold a 35% stake in the venture, securing veto power and preferential access to 20% of production at cost.

NABEP Venezuelan oilfield takeover

▪Venezuela's interim President Delcy Rodriguez granted North American Blue Energy Partners 100-year rights over 17 oil fields containing an estimated 65 billion barrels of proven reserves.
▪North American Blue Energy Partners, controlled by Venezuelan businessman Alejandro Betancourt, agreed to invest $100 billion in new Venezuelan oil infrastructure.
▪The U.S. oil company North American Blue Energy Partners will take over operating control of several Venezuelan oilfields previously controlled by Chinese companies and a Russian firm.
▪North American Blue Energy Partners was granted 14 new contracts by the Venezuelan government as part of a broader 17-project portfolio to develop and supply oil to the United States.

Chinese operator displacement

▪Sinopec and China National Petroleum Corp each operated one of the Venezuelan oil projects being transferred to North American Blue Energy Partners.
▪Five of the 14 newly granted oil contracts to North American Blue Energy Partners were previously operated by Chinese companies under a model promoted by former President Nicolas Maduro.
▪Two of the displaced Chinese projects were operated by China Concord Resources, which was sanctioned by the United States in 2019 for Iran-related activity.

Russian operator displacement

▪One of the 14 newly granted oilfields transferred to North American Blue Energy Partners was previously operated by an unidentified Russian company.
▪The White House stated that the majority of the incremental oil fields to be operated by North American Blue Energy Partners were previously controlled by Russian and Chinese firms or associates of Nicolas Maduro.

US government ownership stake

▪The United States government will hold a 35% ownership stake in North American Blue Energy Partners through the Pentagon's Office of Strategic Capital.
▪The United States government secured veto power over the board of North American Blue Energy Partners and mandated that a majority of the board directors must be American citizens.

Pentagon preferential oil access

▪The North American Blue Energy Partners agreement grants the United States Department of State the right of first refusal to purchase the remaining 80% of the company's oil production.
▪The United States government secured preferential access to purchase 20% of North American Blue Energy Partners' oil production at cost.