A Deal That Redefines Energy Geopolitics
The US Energy Secretary, Chris Wright, arrived in Venezuela on Tuesday, September 1, 2026 to finalize a historic oil agreement that grants Washington control over approximately one-fifth of Venezuela's proven oil reserves, estimated at 65 billion barrels. The pact, announced by President Donald Trump on Friday, August 28, was approved by Venezuela's National Assembly, dominated by the ruling party, and contemplates a total investment exceeding US$ 100 billion.
Wright anticipated that this Wednesday, "several agreements" will be announced and stated that operations will allow "more than doubling Venezuela's oil production in the coming years." At Maiquetía airport, he declared: "We want to see a lot of investment from the United States in Venezuela." He was received by the Minister of Hydrocarbons, Paula Henao, and the US Chargé d'Affaires, John Barrett.
The Pentagon, a Key Shareholder
One of the most striking aspects is the participation of the Department of Defense (Pentagon), which will acquire a passive stake of 35% in North American Blue Energy Partners (NABEP), Venezuela's second-largest private oil company, producing around 200,000 barrels per day. The operation will be carried out through the purchase of warrants via the Department of Defense's Office of Strategic Capital.
The Pentagon will have preferential rights to buy 20% of NABEP's future oil production at production cost. Additionally, the State Department would hold a 20% stake in the exploitation. US citizens must constitute the majority of NABEP's board of directors, and the US Government will have veto power over board members.
NABEP and Alejandro Betancourt: The Controversial Partner
Behind NABEP is Alejandro Betancourt, a 46-year-old Venezuelan from a wealthy family in Valencia, owner and president of the company. Betancourt is under investigation for alleged money laundering of billions of dollars in Switzerland and Spain (over 4 billion dollars allegedly diverted from PDVSA). His extradition request to the United Kingdom was revoked in May 2026, but the investigation continues.
Officials from the Trump administration, including Deputy Secretary of State Christopher Landau and Attorney General Pam Bondi, pressured Switzerland for information and benefits for Betancourt. The Swiss Federal Council blocked Betancourt's assets after Maduro's capture (239 million Swiss francs frozen from 21 people). A US official described him as a "proven operator" and "useful to the US Government", though acknowledging that geopolitics may require working with "imperfect" people. According to Axios, "without Betancourt, there would be no energy security agreement."
Betancourt was crucial in the process that culminated in the capture of Nicolás Maduro on January 3, 2026. During the capture, he convinced Delcy Rodríguez to speak with Marco Rubio about taking control of Venezuela. In 2023, Rodríguez called him back to Caracas and offered his return to the fold in exchange for staying away from politics. Betancourt financed the opposition against Maduro and was a liaison between the opposition and Venezuelan military commanders. He traveled to Moscow to deliver a letter asking Russia to stop supporting Maduro. His stake in Petrozamora was confiscated by the Maduro regime. Additionally, he bought used power plants during the 2009 electricity crisis and owns a castle in Toledo, Spain.
Harry Sargeant III: The Other Player
Until August, Harry Sargeant III, a Florida oil magnate, Republican donor, and informal mediator between Washington and Caracas, held a minority stake in NABEP. He helped free US hostages in 2025. The US Treasury froze his assets in August and pressured him to sell. Eventually, he sold his stake for 300 million dollars to an entity affiliated with Betancourt.
Chevron: The Big Beneficiary
US oil company Chevron will invest 7 billion dollars in Venezuela over the next five years, with plans to more than double its production to approximately 600,000 barrels per day. It received new areas in the Orinoco Belt, raised its stake in Petroindependencia to 49%, and obtained rights to develop the Carabobo-1, Carabobo-2-South-A, and Ayacucho 8 areas. Chevron's three joint ventures (Petroindependencia, Petropiar, and Petroboscan) increased their production by 15% so far this year. Chevron has been present in Venezuela since 1923. Its president and CEO, Mike Wirth, stated: "Our expanded position reflects our confidence in the country's deep resource potential," and thanked the Department of Energy and Chris Wright for facilitating conditions for new investments.
Deal Details According to Delcy Rodríguez
Venezuela's acting president, Delcy Rodríguez, who took office in January after Maduro's detention, detailed that the agreement has a duration of 25 years (although the White House confirmed 100 years for NABEP) and seeks production exceeding 1.5 million barrels per day. Four greenfield blocks will be developed in the Orinoco Belt. The Venezuelan state would collect US$ 209,335 million during the agreement's term (at 65 dollars per barrel). "For every barrel produced and sold, about 19 dollars go directly to our country," Rodríguez stated.
Political Context and Reactions
The agreement comes after the capture of Nicolás Maduro on January 3, 2026 by US special forces, who took him to New York. Washington maintains strong control over the Caracas government. The PSUV backed the agreement, but opposition legislators abstained and demanded to know the written terms. Luis Emilio Rondon, an opposition figure, said: "We need and are obliged to know what is written in the fine print." The President of the National Assembly, Jorge Rodríguez, defended the agreement: "Who benefits from this oil if it remains underground?" The Minister of Defense, Gustavo González López, endorsed the operation: "Turning a political difference into an economic cooperation agreement is simply a decision to choose peace; it is not subordination." Analysts warn that the Venezuelan government lacks legal authority to sell the country's oil rights.
Marco Rubio and the Justifications
Secretary of State Marco Rubio explained that a private company works with the US to "normalize the Venezuelan economy." "Essentially, this is now an agreement with the US Government, specifically with the participation of the Department of Defense, which has a special account that allows it to take possession of a certain percentage of these assets," he stated. Rubio noted that the "vast majority" of the 17 fields included were "in Chinese and Russian hands."
The justifications for the agreement include: reducing oil prices for US consumers, countering Russian and Chinese influence over Venezuela, replenishing US strategic reserves (according to Trump: "One of the things I'm going to do with Venezuelan oil is fill the Strategic National Reserves"), ending corruption in the Venezuelan oil industry, and preventing Caracas from delivering production to Cuba. Reducing oil prices is a priority before the November legislative elections.
Additional Data
Venezuela's oil exports remained at 1.17 million barrels per day in August. Trump stated that it depends on Caracas to decide whether Venezuela remains in OPEC or not. China expressed concern over the agreement: "Interests must be safeguarded." The agreement comes after the double earthquake of June 24 in Venezuela, and Betancourt began landing in Venezuela on private jets from the US after the quake.
The agreement undoubtedly marks a milestone in bilateral relations and on the global energy chessboard, but it also raises questions about legality, transparency, and the future of Venezuelan sovereignty.