Pentagon Secures 35% Stake in Venezuelan Oil Firm Amid Legal and Political Scrutiny
The US government has secured a 35% equity stake in North American Blue Energy Partners (NABEP), a Barbados-based company holding century-long concessions to 17 Venezuelan oilfields. This move grants Washington control over 65 billion barrels of crude, roughly 20% of Venezuela’s proven reserves. While the administration frames this as a national security measure to counter Chinese and Russian influence, critics label it an unprecedented state-owned enterprise model that bypasses traditional private investment norms.