CNBC · DistrictNews · 2026-09-01
Venezuela grants U.S.-backed oil firm NABEP 100-year concessions for 17 oil
Venezuela grants U.S.-backed oil firm NABEP 100-year concessions for 17 oil. Venezuelan interim authorities have granted North American Blue Energy Partners 100-years concessions. White House says the concessions will be given to the firm in exchange for a share of the country's oil wealth. The concessions are expected to be worth an estimated $1.5 billion to $2 billion. Venezuelan interim authorities have granted North American Blue Energy Partners 100-year concessions for 17 oil fields, White House says.
Why it matters. This unprecedented century-long agreement marks a major shift in Venezuelan energy policy and bilateral relations with the United States.
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