RismadarVoice Reporters
September 1, 2026
A U.S.-backed energy company, North American Blue Energy Partners (NABEP), will take control of some Venezuelan oilfields previously operated by Chinese and Russian firms, U.S. officials said.
The takeover is part of a broader oil production agreement announced between the United States and Venezuela, involving 14 newly awarded projects, officials said.
NABEP, previously owned by U.S. oil businessman Harry Sargeant and now controlled by Venezuelan businessman Alejandro Betancourt, confirmed the agreement. The company said it would operate the projects, while the U.S. government would hold rights to a 35% stake and receive preferential access to 20% of production at cost.
The White House said it also secured the right of first refusal to purchase the remaining 80% of NABEP’s production.
The deal gives U.S. companies greater access to Venezuela’s oil sector, while reducing the role of Chinese and Russian firms that have previously operated several key fields.
Five of the 14 newly granted oilfields were previously managed by Chinese companies, including China Concord Resources, Sinopec and China National Petroleum Corp, while one was operated by a Russian company, according to officials.
NABEP is expected to oversee 17 projects in Venezuela, with plans to develop the assets and supply crude oil to the U.S. market.
The agreement follows President Donald Trump’s announcement that Washington had secured access to Venezuela’s proven oil reserves through partnerships with private companies.
U.S. officials said the arrangement is also linked to broader discussions with Venezuelan authorities and members of the 2015 National Assembly aimed at addressing legal issues surrounding the country’s political transition.
The move marks a significant shift in Venezuela’s oil sector, where Chinese and Russian companies have played major roles for years.
