North American Blue Energy Partners, a U.S. government-backed oil company owned by Venezuelan business tycoon Alejandro Betancourt, has been granted 14 Venezuelan oil deals and will replace Chinese and Russian operators at several fields, Reuters reported, citing two unnamed U.S. officials. The U.S. government will have rights to a 35% stake in NABEP, receive 20% of its production at cost and hold first refusal on the remaining 80% produced from Venezuelan fields. The White House said NABEP plans to invest up to $100 billion in new infrastructure and rapidly expand output. The fields were previously operated by Sinopec, China National Petroleum Corp., China Concord Resources and Russia’s Roszarubezhneft through joint ventures with PDVSA. The development follows President Trump’s announcement of an historic Venezuelan oil deal covering 17 fields with target production of 1.5 million barrels per day.