The deal, made possible by strengthening relations between Venezuela and the United States, is expected to involve nearly $100 billion in investment to commercialize more than 65 billion barrels of P1 reserves in Venezuela.
CARACAS, Venezuela, Aug. 31, 2026 /PRNewswire/ -- The United States Departments of State and War have reached an historic deal with North American Blue Energy Partners (NABEP) to significantly expand oil production in Venezuela. As part of the deal, NABEP will have operating control of the business, with the United States Government holding rights to a 35% stake in the company, alongside preferential access to 20% of the company's production at cost.
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