The US will take control of Venezuela's oil fields, which were previously controlled by the Russians.

The American oil company North American Blue Energy Partners (NABEP) will gain control of a number of oil fields previously developed by several Chinese companies and one Russian entity. Reuters two American officials reported on August 31.

They said the asset transfer would be part of a major oil production agreement announced by US President Donald Trump following his agreement with Venezuela.

The projects in question are among 14 contracts recently awarded to North American Blue Energy Partners (NABEP) with U.S. support. Officials clarified that the company, previously owned by American oil entrepreneur Harry Sargent, is now controlled by Venezuelan businessman Alejandro Betancourt.

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"Venezuela has abundant natural resources, a hard-working population, and significant untapped potential," Betancourt said in confirming the agreement. "This deal will unlock our potential for the benefit of both Venezuelans and Americans."

NABEP said the company would provide operational management of the projects, with the US government receiving a 35% stake in the company and "priority access" to 20% of the oil produced at cost.

The White House added that NABEP has granted the US State Department first refusal on the remaining 80% of its output.

Last week, Trump announced that the United States had secured access to about 64 billion barrels of Venezuelan oil through a partnership with private businesses.

This agreement gives American companies access to Venezuela's strategically important oil assets, displacing China and Russia, which have long played a key role in the country's energy sector. Furthermore, Washington gains direct influence over who produces and sells Venezuelan oil, as the Trump administration seeks to restructure the country's oil industry and integrate its vast reserves into the orbit of US economic and geopolitical interests.

The White House clarified that the United States will have veto power over decisions made by the NABEP board of directors, and a majority of board members must be U.S. citizens.

NABEP is expected to oversee a total of 17 projects in Venezuela, which are planned to be developed and subsequently used to supply oil to the United States. Officials said 14 of these projects will be awarded by the Venezuelan government.

Five of the 14 fields were previously managed by Chinese companies under a model implemented under former President Nicolás Maduro, while another field was previously developed by a Russian company, officials clarified.

Two projects were managed by China Concord Resources, which was sanctioned by the US in 2019 for its activities related to Iran. According to sources, one project was being developed by Sinopec, and the other by China National Petroleum Corp.

"We're not only opening up new opportunities for the US government and US operators, but we're also effectively making the US a market for this oil that was previously going to China," one official said.

According to the same sources, two more projects were previously controlled by entities linked to Alex Saab, a former close associate of ousted Venezuelan President Nicolás Maduro, who is currently in US custody.

Another deposit was linked to the nephew of Maduro's wife, Cilia Flores, they added.

On Monday, August 31, Trump told reporters that the United States is receiving "millions and millions of barrels of oil," which are already heading to refineries in Texas, Louisiana, and elsewhere. On Tuesday, September 1, he plans to meet with representatives of the retail fuel market and oil refineries.

According to officials, negotiations between Venezuela's interim authorities and representatives of the 2015 National Assembly are aimed at partially restoring constitutional order and resolving legal issues related to the country's transition period.

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The Trump administration views the 2015 National Assembly as the last legislative body in Venezuela to be elected and operate in accordance with the country's constitution, even though it currently has no formal authority.

One official noted that reaching an agreement with the assembly could create a constitutional and legal basis for broader reforms, including economic solutions such as rebuilding Venezuela's oil industry.

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