Trump secures 35% stake in Betancourt-led Venezuelan oil venture amid sanctions
President Donald Trump announced a U.S. partnership giving a 35% passive share in Alejandro Betancourt's North American Blue Energy Partners as part of a deal with interim president Delcy Rodriguez to access about 65 billion barrels of Venezuelan oil.
President Donald Trump disclosed that the United States has struck a deal with Venezuela's interim president Delcy Rodriguez, granting a 35% passive stake in North American Blue Energy Partners (NABEP), the country's second-largest oil company. The pact includes 100-year concessions on 17 oil fields with an estimated 65 billion barrels of proven reserves, many previously controlled by Russian or Chinese entities. Defense Secretary Pete Hegseth and Secretary of State Marco Rubio signed the agreement, which gives the Pentagon’s Office of Strategic Capital the ownership share and the State Department rights to purchase 20% of the oil output at cost.
The venture will be led by Alejandro Betancourt, a 46-year-old entrepreneur who built a $2.6 billion fortune under Hugo Chávez and faces money-laundering investigations in the United States, Spain and Switzerland. Betancourt's company plans to invest up to $100 billion in new infrastructure to raise production from about 200,000 barrels per day to more than 1 million barrels, helping to refill U.S. oil reserves as global prices climb due to the Iran-related supply crunch. Venezuela's interim authorities say the deal will inject much-needed revenue into the state treasury.
Why it matters
The deal could reshape U.S. energy security and bring vital revenue to Venezuela amid sanctions and global oil market volatility.
How this story developed
- Aug 28 U.S. Negotiates Long-Term Lease of Venezuelan Oil Fields to Cut Import Costs
- Aug 28 The White House has referred inquiries about the proposed deal to the Energy Department.
- Aug 29 Trump announced a partnership granting the United States a 55% effective output share in Venezuelan oil fields.
- Aug 30 The first publicly shared photographs of Nicolas Maduro since his January abduction were uploaded to his X account. The pictures show the former president detained by U.S. officials as he prepares for a trial on narco-terrorism and drug-trafficking accusations. The post was framed as a tribute to his grandchildren and supporters.
- Aug 31 Acting President Delcy Rodríguez announced a 25‑year bilateral energy project granting the United States majority control of more than 65 billion barrels of Venezuelan reserves.
- Aug 31 Trump said the deal will allow the United States to top up its Strategic Petroleum Reserve.
- Aug 31 The partnership was described as a 25‑year joint venture targeting 1.5 million barrels per day and projected to generate about $209 billion for Venezuela, with the United States holding a 55 percent interest and a 35 percent passive stake in the private partner.
- Sep 1 Pentagon’s Office of Strategic Capital joins the Venezuelan oil venture.
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