<%p>Alejandro Betancourt, a Venezuelan billionaire previously investigated by U.S. authorities for money laundering, helped broker an unusual Pentagon oil deal granting Washington access to about one-fifth of Venezuela’s crude reserves for decades, according to reporting by Reuters published in September 2025. The agreement places the Pentagon’s Office of Strategic Capital into a 35% stake in North American Blue Energy Partners (NABEP), Betancourt’s crude production company operating in Venezuela.
The Pentagon Agreement and State Department Access
State Department secured the right to purchase 20% of NABEP’s oil at cost alongside preferential access to the remaining 80% of output, according to Reuters. Four people familiar with U.S. policy in Venezuela identified Betancourt as instrumental to U.S. strategy and planning ahead of the January 3 operation that removed former Venezuelan President Nicolas Maduro from power.
Asked about past legal challenges, an anonymous U.S. official told Reuters that most investigations into Betancourt were nearly a decade old and that he currently faces no legal problems in the United States. NABEP lawyer Sarah Chouraqui stated that the allegations had been examined extensively across multiple jurisdictions without resulting in any charges against him, highlighting his strong record in complex energy markets.
Naval Blockade Intelligence and Interim Government Relations
In the months preceding Maduro’s capture and subsequent removal to New York on drug-trafficking charges—which Maduro denies—Betancourt provided information that aided the enforcement of a U.S. naval blockade against sanctioned oil tankers, according to Reuters. That intelligence led to the seizure or interdiction of more than a dozen vessels operating in Venezuelan waters. Betancourt also facilitated negotiations with Delcy Rodriguez, who assumed the role of interim president following Maduro’s removal.
Following the leadership transition, Betancourt maintained his role as an intermediary, helping broker oil deals and supporting communication channels between Washington and Caracas to revive the Venezuelan economy, according to seven sources cited by Reuters. Vessel monitoring data and six knowledgeable sources indicated that in January 2025, Betancourt helped broker an oil trading agreement responsible for exporting more than 135 million barrels of crude and fuel to the United States, Europe, India, and the Caribbean through the end of August 2025.
Palace Access and Ongoing Energy Diplomacy
Betancourt has maintained physical access to high-level diplomatic engagements, appearing at meetings inside Venezuela’s Miraflores presidential palace, according to two sources familiar with the matter. U.S. Energy Secretary Chris Wright confirmed to reporters that Betancourt was present at Miraflores during Wright’s visit in September 2025, although Betancourt did not participate in the formal signing ceremony alongside Wright and interim President Rodriguez.
While federal prosecutors in the United States, Spain, and Switzerland previously investigated Betancourt over funds allegedly embezzled from the state-owned oil company PDVSA, prosecutors never indicted him. Federal authorities ultimately utilized his operational footprint and industry familiarity in Venezuela to structure an arrangement designed to secure long-term North American energy access.
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