North American Blue Energy Partners will take over 14 newly granted Venezuelan oil contracts previously operated in part by Chinese and Russian companies, as part of a sweeping oil production agreement announced by President Donald Trump. The company, formerly owned by U.S. oil tycoon Harry Sargeant and now controlled by Venezuelan businessman Alejandro Betancourt, is expected to control 17 Venezuelan projects and ultimately supply oil to the United States. Trump said last week that the United States had secured access to about 64 billion barrels of Venezuela’s proven oil reserves through a partnership with private business. The arrangement would give U.S. companies a role in strategically important Venezuelan oil assets while reducing the presence of Chinese and Russian interests. Five of the 14 newly granted contracts had been operated by Chinese companies under a model promoted by then-President Nicolas Maduro, and one had been operated by a Russian company. Two projects were run by China Concord Resources, sanctioned by the United States in 2019 for Iran-related activity; others were operated by Sinopec and China National Petroleum Corp, while the fifth Chinese operator was not identified. Two additional projects were operated by affiliates of Alex Saab, a former close associate of ousted Venezuelan President Nicolas Maduro who is currently held in U.S. custody, and another oilfield was linked to a nephew of Maduro’s wife, Cilia Flores. Meanwhile, Venezuela’s interim authorities and representatives of the 2015 National Assembly are discussing constitutional and legal issues surrounding the country’s transition. The Trump administration considers the assembly the last Venezuelan legislative body elected and operating under the constitution, although it has no formal governing power. An agreement with the assembly could provide a legal basis for the broader transition and the revival of Venezuela’s oil industry, one U.S. official said.