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[BUSINESS] · Venezuela, United States · 100 sources

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Venezuela and U.S. sign major energy deal for 17 oil fields

The United States and Venezuela have entered into a major energy agreement aimed at revitalizing Venezuela's oil industry and securing U.S. energy dominance. Under the terms of the deal, the private firm North American Blue Energy Partners (NABEP) has been granted 100-year concessions to exploit 17 strategic oil fields, which hold approximately 65 billion barrels of proven reserves. The U.S. government is set to hold a 35% stake in NABEP's parent company and will have access to 20% of the production.

The agreement is expected to attract over $100 billion in private investment to Venezuela. U.S. Energy Secretary Chris Wright, who visited Caracas to finalize details, stated that the cooperation aims to increase prosperity for both nations and stabilize global fuel prices. Venezuelan authorities, led by interim president Delcy Rodríguez, have approved the pact, asserting that national sovereignty over the resources remains with the state.

Major energy companies are already responding to the new framework. Chevron has announced plans to expand its operations and invest over $7 billion in Venezuela over the next five years, with the goal of doubling its daily production to approximately 600,000 barrels. Additionally, Eni has signed a production participation contract in the Junín 5 block. While the deal offers significant economic potential, it has faced scrutiny regarding the role of NABEP and its connection to Venezuelan businessman Alejandro Betancourt, as well as concerns from major oil firms like ExxonMobil regarding legal stability.

Entities

Alejandro Betancourt · Chevron · Chris Wright · ConocoPhillips · Delcy Rodríguez · Donald Trump · ExxonMobil Holdings Corp. · North American Blue Energy Partners · PDVSA · Pentagon · United States · Venezuela

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Sources

9 days ago
Venezuela, hipotecada [www.lavozdegalicia.es]
10 days ago
ECOPETROL 75 AÑOS [petroleumag.com]
9 days ago
9 days ago