U.S. oil company North American Blue Energy Partners will take over oilfields in Venezuela previously controlled by five Chinese companies and one Russian firm. This takeover is part of an oil production agreement announced by President Donald Trump, who said the U.S. secured access to some 64 billion barrels of Venezuela’s proven oil reserves. NABEP is expected to control a total of 17 projects in Venezuela, including 14 newly granted contracts from the Venezuelan government. Among the Chinese companies displaced were China Concord Resources, Sinopec and China National Petroleum Corp.
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