US and Venezuela Sign Historic Oil Deal with NABEP

The US and Venezuela have signed an oil deal involving North American Blue Energy Partners (NABEP), with the US participating through the Department of War. The agreement aims to increase Venezuelan oil production, attract new investments, and establish control mechanisms over resources. The US Secretary of Energy, Chris Wright, visited Venezuela to review the agreement, which provides for the exploitation of 17 fields with proven reserves of around 65 billion barrels and operating rights for up to 100 years for NABEP. The US will monitor NABEP's operations and ensure compliance with laws and contracts. The agreement also establishes a 35% stake in the parent company of NABEP for the US and the right to acquire 20% of the oil produced at cost price.