Following the removal of former Venezuelan leader Nicolás Maduro, the Pentagon’s Office of Strategic Capital has acquired a 35% stake in Venezuelan billionaire Alejandro Betancourt’s company, North American Blue Energy Partners. The deal grants the United States access to a fifth of Venezuela’s proven oil reserves.
A Venezuelan billionaire investigated for money laundering in multiple jurisdictions has emerged as Washington’s primary commercial and strategic partner in a sweeping long-term oil agreement.
Now, his company, North American Blue Energy Partners (NABEP), sits at the center of an energy pact between Washington and Caracas. The arrangement reshapes the geopolitical landscape of South America’s hydrocarbon sector while drawing scrutiny over its unique structure and Betancourt’s legal background.
The Structure of the Pentagon-Backed Oil Agreement
Announced by President Trump in late August 2026, the agreement grants NABEP exclusive operating rights across 17 oil fields in Venezuela. These fields hold an estimated 65 billion barrels of proven reserves, representing roughly 20% of the nation’s total oil wealth according to financial and industry reporting.
To secure the venture, the Pentagon’s Office of Strategic Capital acquired a 35% equity stake in NABEP using penny warrants. This financial instrument protects the U.S. government against dilution while ensuring continuous dividend flows as production scales. Simultaneously, the U.S. State Department secured the right to purchase 20% of NABEP’s oil output at cost, alongside preferential access to the remaining 80% of production as detailed in government announcements.
NABEP has committed to investing up to $100 billion in new Venezuelan oil infrastructure as part of the binding commitments. Projected tax and royalty payments directed to the Venezuelan government are expected to exceed $209 billion over the first 25 years of the agreement.
Betancourt’s Path From Investigation to Key Intermediary
The agreement marks a dramatic reversal for Betancourt.
In the months leading up to the January operation that flew Maduro to New York on drug-trafficking charges—which Maduro denies—Betancourt operated as a vital intelligence and logistical asset for Washington. Sources familiar with U.S. policy noted that the billionaire provided critical information that helped enforce a U.S. naval blockade against sanctioned oil tankers operating in Venezuelan waters, resulting in the seizure or interdiction of more than a dozen vessels according to multiple confidential sources.
Following Maduro’s capture, Betancourt facilitated negotiations with interim president Delcy Rodriguez and assisted communications between Washington and Caracas. His utility extended internationally; U.S. officials also pressured Switzerland to ease inquiries into the tycoon. Consequently, Swiss authorities withdrew their request to extradite him from the United Kingdom in May, although Zurich prosecutors confirmed their criminal case remains active noted in regional legal filings.
Displacing Foreign Competitors and Scaling Production
NABEP’s operational track record proved pivotal in Washington’s calculus. The company expanded its local crude output from approximately 18,000 barrels per day to more than 200,000 barrels per day over a two-year window, positioning itself as Venezuela’s second-largest private oil producer behind Chevron based on production tracking data.
By installing NABEP across the 17 contested fields, the Trump administration displaced five Chinese companies and one Russian firm that held footholds during the Maduro era. Replacing these foreign operators with a U.S.-aligned entity curtails Beijing and Moscow’s geopolitical leverage over Western Hemisphere energy supplies.
A U.S. official defended the partnership by pointing out that most of Betancourt’s legal challenges are nearly a decade old and that he currently faces no active legal restrictions within the United States. NABEP’s lawyer, Sarah Chouraqui, emphasized that her client maintains an extensive history in complex energy markets.
“The allegations in question have been examined extensively by authorities in multiple jurisdictions, and no charges have been brought against him.”
Sarah Chouraqui, NABEP’s lawyer
Legal Scrutiny and Strategic Questions Ahead
Despite the implementation of the pact, legal scholars and policy analysts are questioning the nature of the Pentagon taking equity positions in foreign oil ventures. Critics argue that utilizing the Office of Strategic Capital—an entity designed to support U.S. defense capabilities—for direct equity stakes in commercial energy operations stretches its intended mandate.
Experts have also raised concerns over the optics and governance risks of partnering with a concessionaire facing historical money-laundering inquiries.
As U.S.
