- The White House has revealed new details of United States President Donald Trump’s push to gain access to Venezuela’s oil industry, with a deal that will give the Pentagon a stake in roughly one-fifth of the country’s vast oil reserves.
- The US is creating a private joint venture with North American Blue Energy Partners (NABEP), owned by Venezuelan businessman Alejandro Betancourt.
- Betancourt’s company has agreed to put up $100bn in new oil infrastructure investments.
- The deal will give the Pentagon’s Office of Strategic Capital a 35 percent ownership stake in the company, and the US will be guaranteed a right to buy 20 percent of the output at cost, orchestrated through the State Department.
- The agreement, which the White House said secures “our energy dominance for the next century”, was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio.
- The White House said: “The majority of the incremental oil fields to be operated by NABEP were previously controlled or operated by Russian and Chinese firms, or by corrupt cronies of [former presidents Nicolas] Maduro and [Hugo] Chavez.”
The White House has unveiled a significant oil deal with Venezuela, granting the Pentagon a 35% ownership stake in a joint venture with North American Blue Energy Partners (NABEP), led by Venezuelan businessman Alejandro Betancourt.2
The agreement, announced late Monday, allows the U.S. to purchase 20% of the output at cost, a move orchestrated through the State Department. This deal is part of President Trump’s strategy to secure U.S. energy dominance for the next century.
Betancourt emphasized Venezuela's potential, stating the country is “blessed with an abundance of natural resources, hardworking people and untapped potential,” and that the deal will “unleash that potential to the great benefit of both Venezuelans and Americans.”
The agreement includes a $100 billion investment in new oil infrastructure, with the Pentagon’s Office of Strategic Capital taking a significant role. Venezuela’s acting President Delcy Rodriguez has granted NABEP 100-year rights over 17 oil fields, which hold proven reserves of 65 billion barrels.
The White House noted that many of these oil fields were previously controlled by Russian and Chinese firms or corrupt associates of former presidents Nicolas Maduro and Hugo Chavez.
This strategic move is seen as a way to counter foreign influence in Venezuela’s oil sector while enhancing U.S. energy security.
“The joint venture with NABEP, owned by Venezuelan businessman Alejandro Betancourt, will invest $100bn in new oil infrastructure. Betancourt said the deal will "unleash that potential to the great benefit of both Venezuelans and Americans," while the White House claims it secures "our energy dominance for the next century."”
