Trump Venezuela Oil Deal Worries Producers
An oil agreement between the U.S. and Venezuela grants a private firm a major lease, sparking questions from oil majors. Concerns over involvement by businessman Alejandro Betancourt and potential U.S. government competition create hurdles for investment.
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The United States secured access to 20% of Venezuela's oil reserves under a 100-year lease, sparking pushback from major energy producers. The unprecedented arrangement grants private firm North American Blue Energy Partners a 17-field concession holding 65 billion barrels. Washington will hold a 35% equity stake in the parent company alongside first-refusal purchase rights.
