Two U.S. officials revealed on Monday that North American Blue Energy Partners (NABEP), a U.S.-backed oil company, will take over multiple oil fields in Venezuela—some of which were previously operated by Chinese or Russian firms. This move is part of an oil production agreement reached between U.S. President Donald Trump and Venezuela.
NABEP has secured 14 new contracts. Five of the associated oil fields were previously operated by Chinese companies—including Sinopec, CNPC, and a firm known in English as CCRC (which had faced U.S. sanctions over its dealings with Iran)—while another field was previously operated by a Russian company.