The White House Reveals More Details on Oil Deal with Venezuela
· Telemundo McAllen (KTLM)
The White House announced on Monday that it has partnered with North American Blue Energy Partners as part of President Donald Trump's initiative to tap into Venezuela's oil industry, establishing an agreement that will give the Pentagon a stake in approximately one-fifth of the country's vast oil reserves. Later that evening, the Trump administration released more details about the pact, days after the president announced what he described as the largest oil deal in history. The extensive agreement has been met with skepticism by analysts, who say it will take years to reactivate Venezuela's production, but Trump and his advisors present it as an opportunity to develop a new oil giant in the Western Hemisphere. As part of the agreement, the United States is creating a private company as part of a joint venture with NABEP, a detail that the White House withheld for days. NABEP, owned by Venezuelan businessman Alejandro Betancourt, is already the second-largest operator in Venezuela after Chevron. The acting president of Venezuela, Delcy Rodríguez, is granting the company rights for 100 years over 17 oil fields with proven reserves of about 65 billion barrels. Many of those fields were owned by Russian or Chinese companies, the White House indicated.
AI summary · Source: Telemundo McAllen (KTLM) →
