Full Breakdown
U.S.–Venezuela Oil Deal Places Alejandro Betancourt at Center of Controversy
9/5/2026, 12:08:48 AM
Core Event: U.S. Secures Access to 65 Billion Barrels of Venezuelan Crude
The White House announced a partnership with interim President Delcy Rodríguez that gives the United States majority control over 65 billion barrels of oil in 17 Venezuelan fields. North American Blue Energy Partners (NABEP), a privately held firm, received 100-year concessions for the fields and a right of first refusal on the remaining 80 % of production after the United States takes an initial 20 % at cost. Alejandro Betancourt López, a Venezuelan businessman, is the majority shareholder of NABEP.
Background & Context
Betancourt first entered the Venezuelan energy sector through Derwick Associates, an engineering firm that obtained $5 billion in government contracts for electricity projects during the late-2000s crisis. The contracts were awarded without competitive bidding, and anti-corruption groups later alleged overbilling and the use of defective turbines. After expanding into oil, Betancourt built a network of roughly 50 companies across 16 countries, including a stake in the Spanish sunglasses brand Hawkers.
Data & Statistics
- 65 billion barrels of crude are covered by the agreement.
- NABEP is projected to produce around 180,000 barrels per day, according to some experts, trailing Chevron’s output of more than 200,000 barrels per day.
- Derwick-related suspicious-activity reports from 2009-2017 total $7.6 million; a 2018 U.S. Justice Department charge alleged a $1.2 billion bribery and money-laundering scheme involving a senior Derwick executive.
- Transparency Venezuela estimated that 11 Derwick projects should have cost $2.1 billion, suggesting a 138 % overpayment.
Official Statements & Responses
U.S. investigation, and his “strong support of the opposition.”
Criticism & Opposition
Transparency Venezuela and the Organized Crime and Corruption Reporting Project allege that Derwick’s electricity projects were either incomplete or improperly executed, with overbilling that could have cost the government an additional $2.1 billion. The same groups contend that the U.S. partnership overlooks Betancourt’s unresolved investigations in Spain, Switzerland, Andorra and the United States, where authorities have examined alleged money-laundering and corruption linked to state-owned PDVSA contracts.
Verbatim Quotes
- “In 2009, at the height of the electricity crisis, Alvarado introduced Betancourt and his partners to his father and assured him they could solve the problem… despite having no experience in the electricity sector,” — Boyd. Around
- “It's a term coined by the media, used to describe a group of young people whose only commonality is their success,” — Jon Sale, the businessman's lawyer in the US
- “They simply saw a business opportunity and took advantage of it," Batiz said.” — Batiz
Conflicting Reports & Gaps
Sources differ on the exact daily production capacity of NABEP, with some experts citing 180,000 barrels per day and others questioning the accuracy of that figure. No definitive, independently verified production data have been released.
Timeline (chronological)
- January 3 – In the minutes after the U.S. military operation that seized Nicolás Maduro, Betancourt contacted then-Vice-President Delcy Rodríguez and facilitated her dialogue with Secretary Rubio (Axios).
- Mid-August (year unspecified) – The energy pact granting U.S. access to the 17 oil fields was structured under U.S. military protection.
The deal underscores how a businessman under multiple international investigations has become a pivotal conduit between Caracas and Washington, raising questions about the intersection of geopolitics, energy security, and accountability.
