U.S. and Venezuela finalize oil agreement with North American Blue Energy Partners
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The Trump administration reached a deal granting the United States rights to purchase a share of oil from North American Blue Energy Partners' Venezuelan fields, while the company’s CEO, Alejandro Betancourt López, faces ongoing international investigations.
The United States announced a deal that gives it the right to buy 20% of the oil produced from current and future fields operated by North American Blue Energy Partners (NABEP) in Venezuela, at production cost, and a first-refusal option on the remaining 80% of output. The agreement also provides the U.S. government a 35% ownership stake in NABEP’s parent company and veto power over board appointments, with a requirement that a majority of board members be U.S. citizens.
Alejandro Betancourt López, 46, the chief executive of NABEP and Venezuela’s second-largest private oil producer, will serve as the primary private-sector partner in the arrangement. Betancourt López, who founded NABEP in April 2024, has been under investigation by authorities in the United States, Switzerland and Spain for alleged involvement in a scheme that prosecutors say diverted more than $1 billion from state-owned PDVSA. He has denied any wrongdoing and has not been charged with a crime.
In a statement, NABEP’s general counsel Sara Chouraqui said the company’s representative “has never been charged with a crime in any jurisdiction” and described his role as “dedicated to serving the people of Venezuela” and acting as an intermediary between the Venezuelan government and the United States.
Betancourt López also issued a statement praising the agreement, saying it would allow Venezuela’s natural resources to be “unleashed” for the benefit of both Venezuelans and Americans.
President Donald Trump described the deal as a means to increase U.S. oil supplies and lower gasoline prices, while Venezuelan President Delcy Rodríguez said it could generate more than $200 billion in tax revenue for Venezuela. NABEP, headquartered in Barbados, currently produces about 200,000 barrels per day and plans to raise output toward 1 million barrels per day within five years, according to company statements.