US oil firm to take over some Venezuelan oilfields previously run by Chinese, Russian companies, officials say

WASHINGTON — US oil company North American Blue Energy Partners (NABEP) will take over some oilfields previously controlled by several Chinese companies and a Russian firm, two US officials told Reuters on Monday (Aug 31).The takeover will be part of a sweeping oil production agreement that President Donald Trump announced with Venezuela, they said.The projects were among 14 contracts newly granted to US-backed North American Blue Energy Partners, according to the officials. NABEP was previously owned by US oil tycoon Harry Sargeant and is now controlled by Venezuelan businessman Alejandro Betancourt.”Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential,” Betancourt said in a statement, confirming the deal. “This transaction will unleash that potential to the great benefit of both Venezuelans and Americans.”NABEP said it will have operating control of the business and the US government will have holding rights to a 35 per cent stake in the company, alongside “preferential access” to 20 per cent of the company’s production at cost.