White House working with North American Blue Energy Partners on Venezuela oil deal

The White House has announced a partnership with North American Blue Energy Partners (NABEP) to gain a stake in Venezuela's oil reserves, according to a report from the Associated Press. This deal, formalized on September 1, 2026, sees the U.S. forming a new company with NABEP, aiming to create a new energy giant. The U.S. will hold a 35% stake in this new company, while the State Department will guarantee the purchase of 20% of the output at cost.

This initiative is part of President Donald Trump's strategy to enhance energy production in Venezuela, nine months after the capture of former President Nicolás Maduro on charges of narcoterrorism and drug trafficking. NABEP, owned by Alejandro Betancourt, has pledged to invest $100 billion into new oil infrastructure, with the White House asserting that the deal incurs "no cost" to the U.S. Furthermore, the government will retain veto power over board members, who will predominantly be U.S. citizens.

The agreement also grants the new oil company 100-year rights over 17 oil fields, which hold proven reserves of approximately 65 billion barrels. These fields were previously owned by Russian or Chinese firms. Former U.S. government energy advisers have raised concerns about the potential political risks associated with this deal, as future administrations in either country could challenge its legitimacy.