The White House on Monday released terms of the U.S.-Venezuela oil deal with North American Blue Energy Partners.
* The release comes days after Washington and Caracas struck a deal that gives U.S. partial control of Venezuela’s oil reserves.
* “NABEP has developed an ambitious plan to rapidly scale production by investing up to $100 billion in new oil infrastructure in Venezuela, helping to drive economic growth, support thousands of high-paying jobs in Venezuela, and lead to tens of billions in broader economic activity,” the White House said.
* It added that the company’s concessions are governed by Venezuela’s hydrocarbons law.
* NABEP, which is a privately held oil company that is the second-largest private Venezuelan oil producer and a proven operator, will pay an expected $200 billion in royalty and tax payments over the first 25 years, according to the White House.
* The company granted the U.S. Department of State the right of first refusal to purchase the remaining 80% of its production, the White House said.
* It said it has also granted the Pentagon’s Office of Strategic Capital a 35% equity stake in its corporate parent.
* The White House added that Washington is sponsoring reconciliation talks between the 2015 National Assembly and Venezuela’s interim authorities. It said that the process has already resulted in “significant reforms” to the Venezuelan judiciary and release of hundreds of political prisoners.
(Reporting by Christian Martinez and Jasper Ward; Editing by Caitlin Webber)