The US government will take a passive 35% stake in a private Venezuelan oil
company led by Alejandro Betancourt and acquire preferential commercial rights,
the Wall Street Journal reports. The deal grants Betancourt’s North American
Blue Energy Partners long-term (up to 100-year) development rights on 17 fields
said to contain about 65 bln barrels—roughly one-fifth of Venezuela’s
reserves—and gives Washington a priority right to buy 20% of production at cost.
US officials moved to become a direct investor after US energy firms declined to
invest at the speed and scale sought by the administration, according to people
involved in negotiations.
