U.S. Oil Deal Pushes China and Russia Out of Venezuelan Fields

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.