The United States has gained control of more than 65 billion barrels of Venezuelan oil reserves, the White House said.
The United States announced an agreement that, according to the White House, provides for the transfer of a stake in a private Venezuelan oil company to the American side and access to oil produced in the country.
The White House announced that the United States has gained control over more than 65 billion barrels of proven oil reserves in Venezuela thanks to a new agreement.
According to the White House, this amount exceeds the estimated 46 billion barrels of proven oil reserves in the United States.
The US administration announced that the agreement was signed by US Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth. According to the White House, the document grants the US government a range of management and economic powers, as well as rights to purchase oil from NABEP.
The announcement stated that the interim Venezuelan authorities granted North American Blue Energy Partners (NABEP) 100-year concessions to 17 oil fields. According to the White House, these fields hold approximately 65 billion barrels of proven reserves.
According to the US administration, NABEP transferred a 35% stake in its parent holding company to the US Department of Defense's Strategic Capital Agency. The White House stated that this stake has the potential to generate hundreds of billions of dollars in profits and dividends for the US.
Furthermore, according to the White House, the US State Department has been granted the right to purchase 20% of the oil from all operating and prospective fields developed by the company at production cost. The US side will have preemptive rights to purchase the remaining 80% of the oil produced in emergency situations.
The White House also announced that the agreement grants the US government veto power over the appointment of NABEP's board of directors. According to the agreement, a majority of board members must be US citizens.
According to the US administration, NABEP will use the services of US auditors, lawyers, and consultants. The agreement between the US government and the company is governed by US law and subject to the jurisdiction of US courts.
The White House also stated that "millions of barrels" of oil produced under the agreement will be processed at U.S. refineries, and American equipment and infrastructure are planned for production. According to the American side, the agreement's implementation could lead to multibillion-dollar investments in the U.S. economy and job creation.