The United States will receive 65 billion barrels of Venezuela’s oil reserves. President Donald Trump, as usual, previously called this the “biggest oil deal in the history of the world.”
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It is reported that the American oil company North American Blue Energy Partners (NABEP) will take control of several Venezuelan fields. Among them are those previously controlled by several Chinese and one Russian company, according to two sources, writes the news agency Reuters.
So far, the company Roszarubezhneft has operated in Venezuela on behalf of Russia, cooperating with the local state company PDVSA.
This Russian company was established in 2020 and belongs to the Russian asset management agency. On the day of its registration, Rosneft announced the termination of its activities in Venezuela and the transfer of assets there – shares in five production, as well as oil service companies and trading operations – to Roszarubezhneft. It is noted that due to strict US sanctions, Rosneft found it unprofitable to continue operations in Venezuela.
Now all assets under the United States and Venezuela deal will go to NABEP. It belongs to Venezuelan businessman Alexander Betancourt.
He bought NABEP from American oil magnate Harry Sargent and became closely allied with the Donald Trump administration after it overthrew the country’s long-time authoritarian Nicolas Maduro.
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As Reuters indicated, of the 14 Venezuelan projects that will pass under the control of the American company NABEP according to the agreement, one was controlled by Russian companies, and five by Chinese oil production companies.
“We are not only opening new opportunities for the US government and American operators, but also turning the United States into a market for this oil, which was previously supplied to China,” said one US official who spoke anonymously to journalists.
The Russian regime has long maintained an unusual friendliness towards the Venezuelan regime, supplying it with weapons and helping to extract oil.
Rosneft’s head Igor Sechin has visited Caracas several times, for which Moscow became the last creditor. From 2006 to 2018, Venezuela received at least $17 billion in loans and credit lines from the Russian government and Rosneft. Rosneft repeatedly provided advances to N. Maduro, which Venezuela repaid with oil supplies, often with significant delays.
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NABEP announced it will take operational control of the company, and the US government will acquire the right to a 35% stake in the company as well as “preferred access” to 20% of the company’s production at cost. The White House added that NABEP granted the US State Department the right of first refusal to purchase the remaining 80% of Venezuela’s production.
The Donald Trump administration considers the 2015 composition of the Venezuelan parliament – the National Assembly – the last legislative body elected according to the constitution and having legitimate powers.
Negotiations with Assembly representatives, as well as with representatives of the interim government led by former Vice President Delcy Rodriguez after the N. Maduro coup, should ensure a constitutional and legal basis for the transitional period to survive, Reuters explained.
At the same time, Washington does not hesitate to cooperate with A. Betancourt, who has an ambiguous reputation even within Venezuela itself: some respect him for competence, others despise him as a cynical opportunist, noted the Financial Times.
“Rodriguez and the US government consider him a man who occasionally solves capital and logistics problems,” a Venezuelan oil expert familiar with the deal details told the newspaper.
A. Betancourt is considered part of the circle of businessmen with political connections in Venezuela. Usually, such people accumulated their wealth during the Hugo Chavez and N. Maduro administrations.
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“He is an experienced manipulator and a man without principles,” emphasized Venezuelan journalist Cesar Batiz, who investigated A. Betancourt’s activities.
Venezuelan activist Thor Halvorsen, head of the US-based Human Rights Foundation, spoke openly in an interview with the Financial Times: “He is the kind of scoundrel that appears only once a generation.”
