White House Provides Details on Venezuela Oil Deal, Pentagon to Hold Stake

The White House has released further details on President Donald Trump's push to tap into Venezuela's oil industry, announcing a partnership with North American Blue Energy Partners (NABEP). The deal will give the Pentagon's Office of Strategic Capital a 35% ownership stake in the new company, which will have 100-year rights over 17 Venezuelan oil fields. The U.S. will also be guaranteed a right to purchase 20% of the output at cost.