White House backs NABEP 100-year concessions for 17 Venezuelan oilfields
Big news: NABEP has secured 100-year concessions for 17 Venezuelan oil fields under a White House-backed deal, giving it major control over 17 Venezuelan oil fields.
Announced by the White House, the agreement hands the US Department of War's Office of Strategic Capital a 35% stake in NABEP's parent company and could represent "hundreds of billions" of dollars in value and dividends for the US.
NABEP deal gives US oil priority
The deal lets the US buy a chunk of NABEP's oil at cost, plus first dibs on most of what's left.
It also requires a majority of NABEP's board to be US citizens and gives Washington veto rights over board appointments.
The plan is to boost Venezuela's economy, encourage democratic reforms, and keep Russian and Chinese influence away from its massive oil reserves, estimated at 65 billion barrels.
NABEP plans up to $100B investment
NABEP plans to invest up to $100 billion in new Venezuelan oil infrastructure to ramp up production, the White House said.
Over the next 25 years, NABEP is expected to pay around $200 billion in royalties and taxes as production increases, providing revenue for Venezuela's reconstruction and social development, a move that could shape energy politics for decades.