First Venezuelan oil from US-NABEP deal arrives in Texas, to be sold to Exxon and Citgo
XOM•The first cargo under a US deal with Venezuelan producer NABEP unloaded in Texas and will be sold to refineries run by Exxon Mobil and Citgo Petroleum. NABEP said it supplied 1 million barrels, which a White House official said the government received at no cost.
1. First shipment arrives
The first cargo of Venezuelan crude under a deal between the US and NABEP unloaded in Texas on Tuesday. A White House official said the US government will sell the oil to refineries run by Exxon Mobil and Citgo Petroleum and received the shipment at no cost.
2. Deal and supply figures
NABEP confirmed it supplied 1 million barrels. Its statement initially described the shipment as part of Washington's right to buy 20% of production at cost with no markup, but was later updated to say the cargo came at no cost to US taxpayers. The arrangement gives Washington a 35% stake in NABEP's parent company and discounted access to its crude.
3. NABEP output
NABEP said its 17 Venezuelan fields hold an estimated 65 billion barrels of oil reserves. Its total output reached 223,509 barrels of oil equivalent per day as of October 19, up from about 18,000 barrels per day two years ago, the company said.
