U.S. firms to take over some Venezuela oilfields
By: Steve Holland
and Jarrett Renshaw
Reuters
WASHINGTON - U.S. oil company North American Blue Energy Partners will take over some oilfields previously controlled by several Chinese companies and a Russian firm, two U.S. officials told Reuters on August 31. [2026]
.....
The takeover will be part of a sweeping oil production agreement that President Donald Trump announced with Venezuela, they said.
.....
The project were among 14 contracts newly granted to U. S.-backed North American Blue Energy Partners, according to the officials. NABEP was previously owned by U.S. oil tycoon Harry Sargeant and is now controlled by Venezuelan businessman alejandro Betancourt.
..... Trump recently announced that the United States had secured access to sum 64 billion barrels of Venezuela's proven oil reserves through a partnership with private business.
..... The arrangement gives U.S. companies a foothold in some of Venezuela's strategically important oil assets while displacing Chinese and Russian interests that have long played a major role in the country's energy sector. It also gives Washington a direct role in determining who produces and sells Venezuela's oil, as the Trump administration seeks to reshape the country's oil industry and bring its vast reserves closer to U.S. economic and geopolitical interests.
..... NABEP is expected to control a total of 17 projects in Venezuela hat it plans to develop and ultimately sue to supply oil to the United States. Fourteen of those projects will be newly granted by the Venezuelan government, the officials said.
..... Five of the 14 fields have been operated by Chinese companies under a model promoted by then-President Nicolas Naduro, while one was previously operated by a a Russian company, the officials said.
..... Two of the rejectors have been operated by China concord Resources, which was sanctioned by the United States in 2019 for Iran-related activity. another project was operated by Sinopec and another by China Nation la Petroleum Co proration, the officials said.
.....
"Not only are we opening up new inopportuneness for the U.S. government to benefit and for U.S. operators to benefit , we are opening up the United States as the market for this oil which was previously being sent to China," the officials said.
..... Two other projects were operated by affiliates of Alex Saab, a former close associate of ousted leader Maduro who is currently begin held in U.S. custody, the officials said.
..... Another oilfield was linked to a nephew of Maduro's wife, Cilia Flores, the officials said.
..... Trump told reporters earlier on August 31 [2026] the United States was taking out "millions and millions of barrels of oil" that is currently being shipped to refineries in Texas and Louisiana, among other locations. he was scheduled to meet with oil and gas retailers and refineries on September 1. [2026]
.....
The officials said, talks between Venezuela's interim authorities and representatives of the 2015 National; Assembly are aimed at restoring a measure of constitutional order and addressing legal questions surrounding the country's transition.