Live Roundups Editor's Desk Insights Executive Ops Weather About 🔍
Home › Politics › Venezuela grants U.S.-backed NABEP 100-year concessions...
Politics

Venezuela grants U.S.-backed NABEP 100-year concessions for 17 oil fields, White House says

CNBC Tuesday 01 September 2026, 01:06 UTC 1 min read
Key Points

Cabimas, Venezuela, Oil tanker is seen at dock of crude on Lake Maracaibo. (Photo by: Jose Bula Urrutia/UCG/Universal Images Group via Getty Images) Ucg | Universal Images Group | Getty Images Venezuelan interim authorities have granted U.S.-backed North American Blue Energy Partners, or NABEP, 100-year concessions for 17 oil fields, with proven reserves of about 65 billion barrels, the White House said on Monday.

Cabimas, Venezuela, Oil tanker is seen at dock of crude on Lake Maracaibo. (Photo by: Jose Bula Urrutia/UCG/Universal Images Group via Getty Images) Ucg | Universal Images Group | Getty Images Venezuelan interim authorities have granted U.S.-backed North American Blue Energy Partners, or NABEP, 100-year concessions for 17 oil fields, with proven reserves of about 65 billion barrels, the White House said on Monday. NABEP is the Latin American nation's second-largest private oil producer. The company has granted the U.S. Department of War's Office of Strategic Capital equity stake of 35% in its corporate parent, "representing up to hundreds of billions in value and dividends for the United States." This is breaking news. Please refresh for updates.
Venezuela (LOCATION) White House (ORG) Cabimas (PERSON) Lake Maracaibo (LOCATION) Jose Bula Urrutia (PERSON) Universal Images Group (ORG) Getty Images (ORG) Getty Images Venezuelan (ORG) North American Blue Energy Partners (ORG) NABEP (ORG) the White House (ORG) Latin American (ORG) the U.S. Department of War's Office of Strategic Capital (ORG) the United States (LOCATION)
Originally published by CNBC Read original →

Related Stories

South Korea's President Lee says interest rate rise is unavoidable

South Korea's President Lee says interest rate rise is unavoidable SEOUL, Sept 1 : South Korean President Lee Jae Myung said on Tuesday the economy is at a point where an interest rate rise is unavoidable, risking denting growth potential at a time socially disadvantaged are feeling the impact of higher borrowing costs. Lee was speaking at a cabinet meeting where the national budget for 2027 is scheduled to be reviewed and adopted. He asked parliament to offer broad suggestions that could...

Channel News Asia 13m ago

Dan Driscoll’s Parting Shot

During a White House meeting last week, Army Secretary Dan Driscoll brought his concerns about the future of the Army under Defense Secretary Pete Hegseth directly to President Trump—a sign of how far tensions between the two Pentagon leaders had escalated, and of the dysfunction inside the building, four people familiar with the conversation told us. Trump was surprised when Driscoll told him how many generals and other top officers had been fired, pushed out, or passed over for promotion...

The Atlantic 17m ago

Trump’s Economy Goes to the Polls

Subscribe here: Apple Podcasts | Spotify | YouTube | Overcast | Pocket CastsMidterm elections are almost always referendums on the policies of the party in power; President Trump is hoping that Republicans steer into the skid. Last week, my colleagues reported that the president—dogged by the war in Iran, the trade war with Canada, and an economy that has Americans dipping into their savings for groceries and daily expenses—hopes that Republicans seeking to win reelection or gain seats will...

The Atlantic 19m ago

US army secretary Dan Driscoll steps down after 18 months in service

Army Secretary Dan Driscoll has resigned after about 18 months in the post, becoming the latest senior military official to leave the Trump administration amid a sweeping shake-up of Pentagon leadership. The White House confirmed Driscoll’s departure on Monday but gave no reason for his resignation. A US Army official said Driscoll had spoken with President Donald Trump about the state of the Army before submitting his resignation.

Times of India 26m ago