“A U.S. oil company controlled by a Venezuelan business tycoon will replace Chinese and Russian operators of several Venezuelan oil fields, Reuters has reported, citing two unnamed U.S. officials.”
“North American Blue Energy Partners, which is backed by the U.S. government, has been granted 14 oil deals by the Venezuelan government. The U.S. government will have rights to a 35% stake in the company plus access to 20% of NABEP’s production at cost. The federal government will also have the right of first refusal for the purchase of the other 80% of NABEP’s production from Venezuelan fields…”
“The fields that NABEP will now take over were previously operated by several Chinese companies and Russia’s Roszarubezhneft, a state-owned entity that managed the joint ventures with PDVSA. The Chinese operators included Sinopec and China National Petroleum Corp., as well as China Concord Resources, which was sanctioned by Washington back in 2019 for dealing in Iranian crude.”
See also: Bessent Says Strait of Hormuz Obsolete Within Two Years
“Treasury Secretary Scott Bessent says Gulf oil producers could bypass the Strait of Hormuz within two years, putting a remarkably short timetable on a pipeline buildout that has accelerated since the Iran war disrupted one of the world’s busiest oil routes…”
“Bessent’s two-year forecast would require several of these projects to move quickly. The investment already underway shows Gulf producers are no longer treating Hormuz bypass capacity as a contingency plan. They are building it into the export system.”