US to take 35% stake in Venezuelan mogul Betancourt’s oil venture, WSJ reports

The U.S. government is set to acquire a 35% passive stake in Venezuelan businessman Alejandro Betancourt's oil venture, North American Blue Energy Partners, according to a report by the Wall Street Journal. President Trump announced earlier in the week that the U.S. would take control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business.

The Pentagon's Office of Strategic Capital (OSC) will structure the investment through penny warrants, allowing the U.S. to gain equity ownership without substantial capital investment. However, the OSC's spokesperson clarified that the office does not take equity stakes in private companies and is only authorized to provide capital assistance in the form of loans, loan guarantees, or technical assistance. Both the White House and North American Blue Energy Partners declined to comment on the matter.