Venezuelan billionaire Alejandro Betancourt, once a target of U.S. money-laundering investigations involving funds embezzled from state oil company PDVSA, has emerged as a key intermediary in a major new Pentagon oil agreement with Caracas.
Under the terms announced by U.S. officials, the United States secures access to approximately one-fifth of Venezuela’s crude reserves over several decades. The Pentagon’s Office of Strategic Capital is acquiring a 35% stake in Betancourt’s firm, North American Blue Energy Partners (NABEP), while the State Department gains preferential purchasing rights for output produced by the venture.
Sources familiar with U.S. foreign policy strategy noted that Betancourt provided critical intelligence ahead of the January operation that removed former President Nicolás Maduro, helping U.S. authorities enforce naval blockades against sanctioned tankers. He has since continued assisting negotiations between Washington and interim President Delcy Rodríguez to jumpstart crude production and exports.
While federal prosecutors in Florida previously paused investigations into Betancourt regarding alleged financial misconduct, U.S. officials defended the agreement, citing NABEP’s operational track record as essential for scaling up regional energy production.
