The White House announced a partnership with North American Blue Energy Partners as part of President Donald Trump's push to tap into Venezuela's oil industry. The deal, which was backed by Venezuela's ruling party-dominated National Assembly in a vote on Tuesday, will provide the Pentagon with a stake in roughly one-fifth of the country's vast oil reserves.
Under the arrangement, North American Blue Energy Partners will take over oilfields previously controlled by five Chinese companies and a Russian firm. This shift displaces Chinese and Russian interests while giving U.S. companies a foothold in some of Venezuela's strategically important oil assets.
Chevron, the second-largest U.S. oil company, is currently the only American company with a major presence in Venezuela.