First Batch of 1 Million Barrels of Crude Oil from Venezuela's NABEP Arrives in the United States

en.Wedoany.com Reported - On October 27, the first batch of 1 million barrels of crude oil delivered to the United States by Venezuelan oil producer North American Blue Energy Partners (NABEP) arrived at the Port of Corpus Christi, Texas. The crude oil was transported by two tankers and marks the first delivery under the oil supply agreement reached between NABEP and the U.S. government. The U.S. government plans to sell this batch of crude oil to refineries operated by ExxonMobil and Citgo Petroleum.

NABEP confirmed that the first batch of crude oil was produced from its Venezuelan oilfields and that the journey from shipment to arrival in Texas took slightly more than one week. In a revised announcement dated October 27, the company specified that the 1 million barrels of crude oil were provided by NABEP to the U.S. government free of charge. Under the agreement previously reached between the two parties, the U.S. government also obtained the right to purchase 20% of NABEP's output at cost, as well as a 35% equity interest in its parent company.

NABEP controls 17 oilfields in Venezuela, 14 of which are additional oilfields added under the agreement-related arrangements. The company said these oilfields involve approximately 65 billion barrels of oil reserves. As of October 19, total oil and gas production from NABEP's oilfields reached 223,509 barrels of oil equivalent per day; daily production at Petrozamora, its largest producing project, has risen to approximately 115,000 barrels.