Full Breakdown
Pentagon-Backed Oil Deal Puts Venezuelan Billionaire Alejandro Betancourt at Center of U.S. Energy Strategy
9/6/2026, 10:45:49 PM
Core Deal Overview
The Pentagon’s Office of Strategic Capital has taken a 35 % stake in North American Blue Energy Partners (NABEP), the oil-production company founded by Alejandro Betancourt. Under the agreement, the U.S. State Department may purchase 20 % of NABEP’s output at cost and holds a right of first refusal on the remaining 80 %. The arrangement gives the United States access to roughly one-fifth of Venezuela’s crude reserves for decades. Betancourt, a majority shareholder, co-founded NABEP with Florida billionaire Harry Sargeant in April 2024; Sargeant sold his shares last month.
Background and Context
Betancourt’s rise in U.S.–Venezuela energy cooperation follows investigations into his business activities. U.S., Spanish and Swiss authorities have examined alleged money-laundering schemes that moved more than $1 billion (U.S.) and $4 billion (Spain) from state-owned PDVSA. The ICIJ’s FinCEN Files showed Derwick Associates—co-founded by Betancourt—used JPMorgan accounts to move at least $2 million in 2011-12 and flagged $7.6 million between 2009 and 2017.
In the months before the January 3 operation that removed former President Nicolás Maduro, Betancourt supplied intelligence that helped enforce a U.S. naval blockade of sanctioned Venezuelan tankers, leading to the seizure or interdiction of more than a dozen vessels. He also helped broker a January oil-trading agreement that has exported over 135 million barrels of crude and fuel—about half of all Venezuelan shipments through August.
Data and Statistics
- U.S. access: ~20 % of Venezuela’s crude reserves for decades.
- Pentagon stake: 35 % of NABEP.
- State Department purchase right: 20 % of NABEP oil at cost.
- Oil exports linked to the January deal: >135 million barrels (?50 % of total exports through August).
- Derwick suspicious activity: $7.6 million flagged; $2 million processed in 2011-12.
- Alleged embezzlement: >$1 billion (U.S.) and $4 billion (Spain).
Official Statements & Responses
U.S. lawyer Sarah Chouraqui said the allegations have been examined in multiple jurisdictions and no charges have been brought. Delcy Rodríguez told a press conference that legal proceedings against Betancourt’s companies in Venezuela were dismissed years ago. The White House’s announcement made no mention of Betancourt’s ownership of NABEP.
Criticism & Opposition
Former U.S. intelligence officials, prosecutors and diplomats have privately expressed concern that Betancourt’s prior investigations could compromise policy toward Venezuela. Swiss anti-corruption expert Mark Pieth called the withdrawal of a Swiss extradition request “unusual” given ongoing criminal proceedings. The Zurich Public Prosecutor’s Office confirmed the request was withdrawn for reasons tied to UK extradition law but declined further comment.
Conflicting Reports & Gaps
- Timing of U.S. investigation pause: Reuters could not determine precisely when federal prosecutors in Florida halted their probe or whether the pause was linked to Betancourt’s cooperation with the Trump administration.
- Betancourt’s exact role in the January oil-trading agreement: Sources confirm his involvement, but Reuters could not verify specific contributions.
What’s Next
Investigations into Betancourt’s activities continue in the United States, Spain and Switzerland, while the Pentagon-backed partnership proceeds under the outlined terms. No further scheduled actions or hearings have been publicly disclosed.
