Until May 2025, Venezuelan businessman Alejandro Betancourt was legally barred from leaving the United Kingdom as he contested a Swiss extradition request related to an investigation into alleged money laundering. Just three months later, Betancourt has become a key figure in a U.S. government-backed initiative aimed at revitalizing Venezuela’s oil industry. His company, North American Blue Energy Partners (Nabep), now the second-largest private oil enterprise in Venezuela, is set to manage over 65 billion barrels of oil reserves, which U.S. officials describe as a landmark agreement. Former U.S. President Donald Trump characterized the deal as “the biggest oil deal in history.”
The partnership marks a significant shift in U.S.-Venezuela relations following a January operation that led to the capture of former Venezuelan President Nicolás Maduro, who is currently facing drug trafficking charges in New York—a claim he denies. Despite previously labeling Maduro a corrupt socialist dictator responsible for the collapse of Venezuela’s oil sector, the Trump administration is collaborating with Maduro’s vice-president, Delcy Rodríguez, to stimulate economic recovery.
Betancourt’s emergence in the Venezuelan oil sector has elicited divided reactions domestically and internationally. Some view him as a competent operator who has repeatedly solved capital and logistical challenges, gaining the trust of both the Venezuelan interim government and the U.S. administration. A Venezuelan oil insider noted that Rodríguez and Washington see Betancourt as someone capable of navigating the country’s complex oil landscape.
Conversely, critics like Venezuelan-born activist Thor Halvorssen label Betancourt as a highly opportunistic figure with a questionable reputation. Within Venezuela, he is considered part of the “Bolichico” class—the politically connected entrepreneurs who accumulated substantial wealth following Hugo Chávez’s 1999 “Bolivarian Revolution,” often amid contested expropriations of international companies such as ExxonMobil and ConocoPhillips.
Born into an affluent family with notable ancestors, including a former Venezuelan president and the developer of the leprosy vaccine, Betancourt was educated in Caracas and later studied economics and business administration in Boston. He initially amassed wealth through Venezuela’s electricity sector with Derwick Associates, a company that was awarded no-bid contracts to build power plants from 2009 to 2011. Investigations by anti-corruption groups and opposition parliamentary commissions accused Derwick of inflating contract prices substantially, though these inquiries did not result in formal charges, and the company denied wrongdoing.
Betancourt’s oil industry involvement began in 2011, when he secured a stake in the Petrozamora joint venture linked to the state oil firm PDVSA. After a power struggle that expelled him in 2022, Betancourt regained control in 2024 following the arrest of former hydrocarbons minister Tareck El Aissami amid corruption investigations. Production at Petrozamora reportedly increased tenfold during this period, attracting attention in Washington. His alliance with Delcy Rodríguez helped establish friendly ties with international oil majors, including Chevron, which received U.S. sanctions exemptions under the Biden administration.
Betancourt’s prior collaboration with Florida energy tycoon and Republican donor Harry Sargeant III, who co-founded Nabep with him in April 2024, reportedly helped secure his visibility with the Trump administration. After Sargeant’s departure, Betancourt assumed full control of Nabep and seized the opportunity presented by the U.S.-Venezuela deal.
The Trump administration aims to create a streamlined entity akin to a “mini-PDVSA” to manage 17 oilfields under its control, enticing established energy firms through Betancourt’s local knowledge and Pentagon-backed financial guarantees. However, some industry observers caution that Betancourt’s desire to retain a significant role may deter investors wary of his reputation.
Betancourt’s reemergence has prompted unease within the Venezuelan diaspora opposition. Vanessa Neumann, a former opposition envoy to London, expressed disappointment, citing past efforts to hold him accountable for corruption and infrastructural decline in Venezuela. She acknowledged the U.S. strategy of “friendshoring” but questioned the choice of partner.
Following the withdrawal of the Swiss extradition request—cited as a result of specific UK legal considerations—the proceedings against Betancourt remain ongoing. His legal representatives deny any wrongdoing, emphasizing his commitment to Venezuela’s economic recovery and acting as a liaison between Caracas and Washington when appropriate.
As the Venezuelan oil industry grapples with shifting political and commercial dynamics, some insiders have dubbed Betancourt the region’s “new viceroy of oil,” highlighting his growing influence amid evolving U.S. policies and Venezuelan power structures.