Venezuelan businessman Alejandro Betancourt Lopez is set to play a major role in the Trump administration’s efforts to expand US involvement in Venezuela’s oil industry. President Donald Trump announced a deal on Friday under which the US would gain a stake in North American Blue Energy Partners (NABEP), the Venezuelan oil company headed by Betancourt. The venture has been granted concessions covering oil fields with reported proven reserves of around 65 billion barrels.
The agreement has put Betancourt, a businessman with close ties to Venezuela’s energy sector, under renewed international scrutiny.
Who Is Alejandro Betancourt Lopez?
Betancourt rose to prominence during the presidency of former Venezuelan leader Hugo Chavez. His company, Derwick Associates, secured contracts to construct power plants during Venezuela’s electricity crisis in the late 2000s. Critics alleged that some of the contracts were awarded without competitive bidding and questioned the prices involved.
Business figures who accumulated wealth through government-linked contracts during the Chavez era became known as “bolichicos”, or “Bolivarian boys”. Betancourt’s fortune has been estimated at around $2.6 billion in media reports. His business career later expanded into the energy and investment sectors. He is also associated with the Spain-based O’Hara Administration and has held a leadership role in eyewear retailer Hawkers.
Why Has Betancourt Faced Scrutiny?
Betancourt has been the subject of allegations involving corruption and money laundering. Transparencia Venezuela accused Derwick Associates in 2017 of inflating prices during the country’s power crisis. A 2021 investigation by the Organized Crime and Corruption Reporting Project (OCCRP) also linked Betancourt to alleged corruption and money-laundering networks connected to the Venezuelan state.
He has faced investigations in the US, Spain and Switzerland. In 2025, he was arrested in the UK in connection with extradition requests from Switzerland and Spain. Betancourt has denied the allegations and has not been convicted of a crime.
How Did Betancourt Enter Venezuela’s Oil Industry?
Betancourt has spent more than a decade involved in Venezuela’s energy sector, giving him experience in operating oil assets in the country. He co-founded North American Blue Energy Partners in 2024 and subsequently took full control of the company. NABEP is now positioned as a major component of the Trump administration’s plans for Venezuela’s petroleum industry.
The company currently produces roughly 200,000 barrels of crude oil per day and has stated that it wants to increase output to more than one million barrels per day.
Why Does Trump Want To Work With Betancourt?
The partnership comes as Washington seeks greater access to Venezuela’s enormous oil reserves amid disruptions in global energy markets. Venezuela possesses roughly 17% of the world’s proven oil reserves, making it one of the largest holders of crude resources globally. However, years of economic mismanagement and US sanctions have limited production.
The country currently produces around one million barrels of oil a day, a small share of global output despite its enormous reserves. The Trump administration sees Venezuelan crude as a potential source of additional supply, particularly as the war involving Iran and disruptions around the Strait of Hormuz have put pressure on global energy markets.
Trump has also said Venezuelan oil could help replenish US strategic petroleum reserves.
What Does The US-Venezuela Oil Agreement Involve?
Under the arrangement announced by the White House, Venezuelan authorities have granted NABEP 100-year concessions covering 17 oil fields with reported proven reserves of approximately 65 billion barrels. The White House said many of the fields had previously been associated with Russian or Chinese companies.
NABEP has proposed investing as much as $100 billion in Venezuelan oil infrastructure as production is expanded. The US government would also receive a 35% ownership stake in the venture through the Pentagon’s Office of Strategic Capital. Washington is additionally set to receive the right to purchase 20% of the venture’s production at cost through an arrangement involving the State Department. The White House described the agreement as a major step towards strengthening US energy security.
What Happens Next?
The success of the arrangement will depend on how quickly Venezuela’s oil production can be expanded and whether the venture can operate effectively under the country’s continuing economic and political constraints. For Betancourt, the agreement marks a significant return to the centre of Venezuela’s energy sector after years of scrutiny over his business dealings.
The partnership also gives the Trump administration a prominent Venezuelan business figure through whom it can pursue its broader objective of gaining greater access to the country’s vast petroleum resources.
