Under a historic agreement aimed at gaining control of Venezuela's large oil reserves, the US detailed its arrangements to exercise greater control over a private operator, including prioritizing the purchase of a significant portion of its crude oil production and veto the appointment of board members. The White House issued a factsheet on Monday detailing the agreement announced last week by US President Donald Trump for the first time. About seven months before the agreement was announced, Venezuela's long-time leader Nicolas Maduro was arrested in a secret military operation. According to this document, the US will have the right to prioritize the purchase of about 80% of North American Blue Energy Partners' oil production. The unlisted company has been granted a 100-year franchise for 17 oil fields in Venezuela. The White House said the relevant crude oil will be supplied according to production costs. According to the factsheet, NABEP will also provide a procurement right to the US State Department so that it can obtain a 20% guaranteed offtake share of the company's existing and future oil fields, thereby ensuring a stable supply of cheap oil. According to the factsheet, the US has the right to veto the appointment of any NABEP board member, and the majority of the company's board members must be US citizens.

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