Fact Sheet: President Donald J. Trump Announces Historic Oil Agreement

… <li>In connection with this agreement, the Venezuelan interim authorities have granted North American Blue Energy Partners (NABEP), a privately held oil company that is the second-largest private Venezuelan oil producer and a proven operator, 100-year concessions for 17 oil fields with proven reserves of approximately 65 billion barrels.</li> <li>At no cost to the American taxpayer, NABEP has granted the U.S. Department of War’s Office of Strategic Capital a 35% equity stake in its corporate parent, representing up to hundreds of billions in value and dividends for the United States.&nbsp;</li> <li>NABEP has granted the U.S. Department of State the right to purchase, at production cost, a guaranteed 20% of the off-take from all current and future fields NABEP will operate—ensuring a stable supply of low-cost oil that can facilitate refilling the Strategic Petroleum Reserve (SPR), which Joe Biden depleted to historic lows, and to provide supply for military and other sensitive uses.</li> …