U.S. Secures 20% of NABEP Oil at Cost, Working With Alejandro Betancourt López
Updated
Updated · Fox Business · Sep 1
U.S. Secures 20% of NABEP Oil at Cost, Working With Alejandro Betancourt López
3 articles · Updated · Fox Business · Sep 1
Summary
The White House said the Venezuela deal gives Washington 20% of oil from all current and future NABEP-operated fields at production cost, plus first rights to buy the remaining 80% during an energy emergency.
The agreement also hands the U.S. a 35% stake in NABEP’s parent company without taxpayer spending, veto power over board appointments, and a requirement that most directors be U.S. citizens.
Alejandro Betancourt López, 46, CEO of Venezuela’s second-largest private producer, is helping shape the deal even though U.S., Swiss and Spanish authorities have investigated him over an alleged $1 billion PDVSA embezzlement scheme; he denies wrongdoing and has never been charged.
NABEP now produces about 200,000 barrels a day and plans to borrow up to $5 billion to lift output to 1 million barrels a day within five years, a ramp-up Trump says will expand U.S. supply and lower gasoline prices.