U.S. energy company North American Blue Energy Partners (NABEP) is set to assume control over multiple Venezuelan oilfields previously operated by five Chinese companies and a Russian entity, according to U.S. officials. The transfer forms a central part of a broader oil production agreement announced by President Donald Trump.
The sites are included in a newly granted package of 14 contracts awarded to NABEP, a firm formerly owned by oil magnate Harry Sargeant and currently controlled by Venezuelan entrepreneur Alejandro Betancourt. The move follows recent statements from the Trump administration regarding secured access to roughly 64 billion barrels of Venezuela’s proven oil reserves via private sector partnerships.
This agreement grants American companies a direct foothold in Venezuela’s key energy assets, effectively replacing Chinese and Russian entities that historically dominated the local sector. Consequently, Washington gains strategic oversight over the production and sale of Venezuelan crude, shifting supply routes away from Asian markets toward North America. In total, NABEP is expected to manage 17 extraction projects across the country.
Among the 14 new allocations, five were previously managed by Chinese state and private firms—including China Concord Resources, Sinopec, and China National Petroleum Corp—while another was linked to Russian interests. Other affected fields were connected to associates of the former Maduro administration, such as Alex Saab and relatives of Cilia Flores.
Additionally, U.S. officials noted that ongoing discussions with representatives of the 2015 National Assembly aim to re-establish a legal and constitutional framework necessary to support the broader political transition and the restructuring of Venezuela’s energy industry.
