Caracas, Venezuela – September 04, 2026 -- The United States Departments of State and War have struck a deal with North American Blue Energy Partners (NABEP) that hands the company commercial rights to more than 65 billion barrels of P1 oil reserves in Venezuela, backed by nearly $100 billion in planned investment.
Washington secures a 35% equity stake and discounted crude access
Under the agreement, NABEP retains operating control of the venture while the U.S. government holds rights to a 35% stake in the company and preferential access to purchase 20% of its production at cost. President Donald J. Trump called it "the biggest oil deal in world history" in an announcement on Truth Social, framing it as a mechanism to bring lower fuel prices to American consumers and fiscal stability to Venezuela.
NABEP targets 1 million barrels per day across Lake Maracaibo and the Orinoco Belt
NABEP CEO Alejandro Betancourt said the transaction would "unleash" Venezuela's resource potential for both countries, thanking President Trump, Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth and Venezuelan President Delcy Rodríguez for backing the venture. The company is now seeking to rapidly scale operations in Lake Maracaibo and the Orinoco Belt, with a near-term production target exceeding 1 million barrels per day.
Betancourt's track record shows 200,000 bpd reached via $1 billion in company-funded investment
Betancourt has spent more than 15 years in the Venezuelan oil sector, most recently leading NABEP's expansion from roughly 18,000 barrels per day to over 200,000 barrels per day in two years through approximately $1 billion in company-funded capital, making it the country's second-largest oil producer. NABEP currently employs more than 5,000 people directly and supports over 10,000 contractor positions across Venezuela.
Venezuela stands to collect $209 billion in tax revenue from the program
The nearly $100 billion investment program is projected to generate more than $209 billion in tax revenue for the Venezuelan state while expanding oil and gas infrastructure. Secretary Rubio said on X that the deal secures "stable reserves and low-cost oil" for the U.S. while funding thousands of high-paying jobs and infrastructure purchases from American suppliers, which NABEP said will also support manufacturing employment in the United States.