00:00It's Benzinga bringing Wall Street to Main Street.
00:02Venezuela granted North American Blue Energy Partners a century-long claim to 17 oil fields
00:09containing about 65 billion barrels and reserves as part of what the White House called a historic
00:15oil agreement, according to Benzinga.
00:18NABAP gave the U.S. Department of War's Office of Strategic Capital a 35% equity stake in its
00:25parent company at no cost. The State Department also secured the right to buy 20% of future oil
00:30output at production cost and received first refusal on the remaining 80%. The U.S. gained
00:37veto power over NABAP's board while the company committed to investing $100 billion in new oil
00:43infrastructure. NABAP is expected to pay about $200 billion in royalties and taxes to Venezuela
00:51over the next 25 years. For all things money, visit Benzinga.com.
