Venezuela Grants US Backed Firm NABEP 100 Year Concessions for 17 Oil Fields, White House Says The White House's announcement that North American Blue Energy Partners (NABEP) has been granted 100 year concessions to develop 17 key oil fields in Venezuela has sparked both excitement and skepticism in energy circles.
The deal provides the US with access to an additional 65 billion barrels of oil reserves, while NABEP gains control over these strategic assets. This concession agreement is staggering in scale.
With approximately 46 billion barrels in proven oil reserves, the US has about 20% more reserves than what NABEP now controls in Venezuela.