US Ties $100B Bet on Venezuela Oil with Controversial Business Partner
The US government has partnered with Venezuelan oilman Alejandro Betancourt in a deal that gives the US a 35% stake in North American Blue Energy Partners (NABEP), a new oil venture.
The partnership, announced by President Donald Trump, aims to unlock Venezuela's 65 billion barrels of oil reserves and increase production from roughly 200,000 barrels per day to 1 million barrels per day.
Betancourt's company already operates as the second-largest private oil operator in Venezuela, with a history of controversy surrounding allegations of money laundering. US officials have defended their decision to work with him, citing his valuable connections inside Venezuela and ability to operate effectively.
The deal comes with significant financial risks, requiring nearly $100 billion in investment to restore production from the newly assigned fields. The agreement also grants the State Department the right to purchase 20% of NABEP's oil production at cost.