Politics

The Secret Terms of Trump’s Venezuelan Oil Deal

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Briefings

A 18-page strategic partnership agreement signed in late August 2026 between the U.S. government and Alejandro Betancourt's firm North American Blue Energy Partners grants the U.S. sweeping access to Venezuela's oil reserves. The deal establishes a 35% stake in Betancourt's firm, appoints a seven-member board for a 15-year term, and allows the U.S. to purchase 20% of oil at a discounted rate of $30 per barrel. However, the agreement excludes the cost of oil blending required for pipeline transport and fails to guarantee Venezuela's $200 billion in royalties or taxes. Key figures include Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Antonio Heredia, while the Venezuelan opposition and U.S. Democrats have criticized the deal due to Betancourt's corruption investigations.

Key points

• The U.S. government holds a 35% stake in Alejandro Betancourt's firm North American Blue Energy Partners through a Barbados-registered parent company.
• The 15-year board appointment for the venture is designed to prevent future U.S. and Venezuelan leaders from dismantling the enterprise.

Context

This 18-page strategic partnership agreement, signed in late August 2026, grants the U.S. sweeping access to Venezuela's oil reserves. It was signed by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, with Antonio Heredia representing the parent company. The deal is a central focus of U.S. energy policy discussions.

Limitations

The agreement details are limited to the 18-page document reviewed by ProPublica, which omits information about the Venezuelan government's role and potential benefits to its people. The agreement does not explicitly guarantee Venezuela's $200 billion in royalties or taxes, nor does it account for the cost of oil blending required for pipeline transport.

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