The United States and Venezuela have announced a landmark oil agreement that would give the U.S. a significant financial stake in the development of Venezuela’s vast oil reserves. The deal, unveiled in late August, envisions a partnership between the U.S. government and a private Venezuelan company, North American Blue Energy Partners (NABEP), led by businessman Alejandro Betancourt. According to officials involved in the talks, the U.S. would acquire a 35 percent passive stake in the company and secure preferential rights to purchase 20 percent of its production at cost.
The agreement grants NABEP long-term rights, reportedly spanning 25 to 100 years, to develop 17 oilfields containing an estimated 65 billion barrels of oil—about one-fifth of Venezuela’s proven reserves. The Pentagon’s Office of Strategic Capital will play a role in financing the venture through warrants that provide equity ownership without significant upfront capital. U.S. Secretary of State Marco Rubio described the deal as a major success that would bring over $100 billion in investment, generate billions in tax revenue, create thousands of jobs, and help rebuild Venezuela’s oil industry.
The deal was reached in discussions between then-U.S. President Donald Trump and Venezuela’s interim president, Edy Rodríguez, a Trump ally installed following the capture of Nicolás Maduro earlier in 2026. Rodríguez emphasized that Venezuela retains sovereignty over its resources and called the agreement a means to attract capital, technology, and operational capacity to revive an industry battered by sanctions and mismanagement. However, she offered differing accounts on the contract’s length and production targets, adding to uncertainty about the arrangement’s specifics.
Despite official optimism, the agreement has sparked controversy and skepticism both inside Venezuela and abroad. Critics highlight the involvement of Betancourt, a businessman with past criminal investigations related to money laundering in multiple countries, though no formal charges have been filed. U.S. officials reportedly lobbied to resolve some of these investigations to facilitate the deal. Concerns have been raised over the potential lack of transparency, the risk of perpetuating corruption, and the possibility that the arrangement favors private interests over Venezuela’s public good.
Opponents argue the unelected interim government lacks legal authority to negotiate such deals, calling the agreement unconstitutional and a form of U.S. interference or resource seizure. Former Venezuelan officials and opposition supporters view the pact as legitimizing an illegitimate regime installed with U.S. support, effectively turning Venezuela into a neo-colony with its resources controlled by foreign power. Some analysts warn the deal may entrench the current interim government’s hold on power by providing economic incentives to delay elections.
At the same time, established U.S. oil companies expressed unease about competing with a U.S.-backed private entity enjoying preferential access to Venezuelan oilfields, raising questions about market fairness and the government’s role in the industry. The Pentagon’s expanded involvement also represents a notable shift from traditional energy policy.
As details remain sparse and questions linger over financial terms and oversight, the deal has laid bare the complex intersection of geopolitics, energy interests, and governance in Venezuela. Whether the arrangement will deliver on its promises of revitalizing Venezuela’s oil sector or deepen existing tensions and divisions remains uncertain.