Carving up Venezuela's oil
The administration announced an arrangement under which North American Blue Energy Partners would control 17 Venezuelan oil projects under long-term leases involving roughly 64 to 65 billion barrels of reserves. The U.S. government would hold rights to a 35% stake in the company, preferential access to 20% of production at cost, a right of first refusal on remaining production, and veto power over the company's board. The structure raised legal, commercial and geopolitical questions among industry participants and analysts.
Source: Reuters