Experts, Lawyers Puzzled over US-Venezuela Oil Deal, Call for Contract Transparency
The Pentagon will take an equity stake as NABEP gains control of a reserve the White House says is the world’s second-largest privately held oil field.
- The White House released details Friday regarding a new US-Venezuela energy deal where The Pentagon takes an equity stake in Venezuelan oil producer NABEP, assuming responsibility for what officials describe as the world's second-largest privately held oil reserve.
- This agreement culminates a US-led overhaul of Venezuela's oil industry following the arrest of former leader Maduro in January, pressuring US oil magnate Harry Sargeant III to drop assets and allowing Alejandro Betancourt to lead the new regime.
- Energy Secretary Chris Wright is in Caracas today overseeing additional investment agreements involving Chevron and GE Vernova, while production data indicates exports jumped 30% in August and NABEP plans to set up more than 50 new drilling rigs.
- Elias Ferrer, founder of Caracas-based business intelligence firm Orinoco Research, called the arrangement a "repackaging of what started off as a crony thing" that invites only a handful of players rather than fostering an open bidding process.
- Former Citgo chairwoman Luisa Palacios warned that "you actually have to build up the institutions and the scaffolding to really recover the oil industry," while Congressional Democrats have promised to investigate the deal's legality.
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18 Articles
The parties Acción Democrática (AD) in Resistencia y Primero Justicia (PJ), both members of the main opposition coalition, expressed Monday their concern over the energy agreement announced on the weekend between the interim government of Venezuela and the United States, and demanded more information, transparency and citizen control mechanisms. In an official statement, Acción Democrática en Resistencia called the pact “a decision of transcende…
Controversial businessman Alejandro Betancourt, executive director of North American Blue Energy Partners (NABEP), welcomed the agreement reached between the U.S. State and War departments and his company to significantly expand oil production in Venezuela, and stated that the transaction "will release that potential for the great benefit of both Venezuelans [...] Entry Alejandro Betancourt assures that the agreement between the U.S. and his com…
The US oil agreement with Venezuela, announced last Friday (28), raised a series of doubts about the legal validity of the treaty, the future of fuel production and the real impact on the economy of the two countries. See below questions and answers about the pact and understand the points that still [...]
On Friday, President Donald Trump announced that he had reached the largest oil agreement in world history with Venezuela. Such an agreement would grant the US rights to 65 billion barrels of Venezuelan crude. There are many details missing, but everything we know about the agreement is worrying.
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