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Joseph Cotterill
@jsphctrl.ft.com

If the US gets a stake in, or long lease on, Venezuelan oil fields, it's a big deal for the debt restructuring. In theory it hits bond recoveries. But it also signals a strong US incentive to raise production, so if creditors get oil warrants... www.bloomberg.com/news/article...

bloomberg.comVenezuela Weighs OPEC Exit as US Discusses Oil Fields StakeVenezuela is considering whether it should quit OPEC, according to people familiar with the matter, potentially delivering a fresh blow to the oil cartel it helped create more than six decades ago.
Joseph Cotterill
@jsphctrl.ft.com

Two very very interesting things about this. One is Alejandro Betancourt popping up again. The other is the US Office of Strategic Capital as the potential investor - this is a Pentagon body that backs scandium mines, drones, etc. Venezuelan oil quite a departure! www.bloomberg.com/news/article...

bloomberg.comPentagon in Talks With Venezuelan Mogul for Massive Oil DealThe US government is pursuing a major stake in Venezuelan oil reserves via a potential partnership between the Department of Defense and Alejandro Betancourt, a controversial energy investor who has b...
Joseph Cotterill
@jsphctrl.ft.com

The US will own (seemingly it’s free carry) over half of a joint venture with an “experienced private operator in Venezuela”: Betancourt’s NABEP? This JV will have a 100-year lease on fields with supposedly this many barrels (NB not necessarily economically recoverable!): www.ft.com/content/2f88...

ft.comTrump says US to take control of 65bn barrels of Venezuelan oilThe president says the countries’ joint venture will lower petrol prices for Americans
Joseph Cotterill
@jsphctrl.ft.com

Delcy Rodríguez says the US deal will generate “more than $209bn” in taxes for Venezuela, which assumes the 65bn is recoverable but also implies a relatively low government ‘take’ versus Venezuela’s norm…

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