US firm NABEP will take control of 17 Venezuelan oil projects from Chinese, Russian operators

September 1, 2026 at 01:44 PM2 min

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North American Blue Energy Partners (NABEP) will gain operational control of 17 Venezuelan oil projects previously run by Chinese and Russian companies. The transfer is part of a broader US-Venezuela oil agreement announced by President Donald Trump last week. The US government will hold a 35% stake in NABEP and access to 20% of its oil output at cost.

Key Facts

NABEP will receive 17 oil projects, 14 of which will be re-awarded by Venezuelan authorities.
Five of the 14 projects were previously operated by Chinese companies, including China Concord Resources, Sinopec, and China National Petroleum Corp.
One project was linked to a Russian operator, and two were managed by structures associated with Alex Saab, a former ally of Nicolas Maduro.
The US government will hold a 35% stake in NABEP and access to 20% of its oil production at cost, with a right of first refusal on the remaining 80%.
President Trump said the US gained access to about 64 billion barrels of proven Venezuelan oil reserves under the partnership.

Asset Transfer

NABEP, formerly owned by American oil magnate Harry Sargeant and now controlled by Venezuelan entrepreneur Alejandro Betancourt, will take operational control of the assets. The Venezuelan authorities will re-award 14 of the 17 projects to NABEP. Five projects were previously operated by Chinese firms, and one was linked to a Russian operator. Two projects were managed by entities associated with Alex Saab, a former ally of Nicolas Maduro, and one was tied to a nephew of his wife Cilia Flores.

US Government Stake

The US government will receive a 35% equity stake in NABEP and access to 20% of its oil production at cost. The White House also obtained a right of first refusal to purchase the remaining 80% of the company's output. Washington can block decisions of NABEP's board of directors, and a majority of its members must be US citizens. An American official said the agreement opens a new market for oil that previously went to China.

Reserves and Context

President Trump said the US gained access to about 64 billion barrels of proven Venezuelan oil reserves through the private-sector partnership. Some of the oil produced is already being sent to refineries in Texas and Louisiana. The restructuring of Venezuela's oil sector comes amid negotiations between interim authorities and the 2015 National Assembly. The Trump administration considers that body the last legislature elected under the Venezuelan constitution and views agreements with it as a possible legal basis for reform.