A report by the U.S. media ProPublica revealed on Tuesday the terms of an oil agreement between the administration of Donald Trump and a private company linked to the controversial Venezuelan businessman Alejandro Betancourt López.
The agreement stipulates that the United States will acquire a 35% stake in the company, in addition to preferential rights to purchase Venezuelan oil at set prices, while questions remain regarding the identity of some investors and the benefits that the Venezuelan population would receive.
The investigation by ProPublica revealed the previously unknown terms of the strategic partnership agreement consisting of 18 pages with Venezuela, announced by President Trump, which includes the acquisition by the United States of 35% of a privately held company controlled by Betancourt, as well as preferential terms to access the oil of the South American country.
The report, published this Tuesday, is based on an 18-page strategic partnership agreement signed by the Secretary of State, Marco Rubio, and the Secretary of Defense, Pete Hegseth.
One of the most significant findings is that the agreement was not signed directly with the Venezuelan government, but rather with North American Blue Energy Partners (NABEP), a company whose parent entity is registered in Barbados, where legal provisions allow for the identity of certain shareholders and investors to be kept from public knowledge.
The revelation raises questions about who might financially benefit from the exploitation of Venezuela's oil resources and what guarantees exist that the income generated by the agreement will reach the country's population.
The United States would obtain oil at 30 dollars per barrel
The document states that Washington will be able to acquire a 35% stake in the company through financial instruments that would allow it to purchase shares at a nominal price of $0.01 per share, without making an initial outlay.
These acquisition rights would be valid for up to 75 years, although their enforcement will depend on the fulfillment of the conditions set to complete the transaction.
The agreement also grants the United States the right to purchase 20% of NABEP's oil production at 30 dollars per barrel, a price significantly lower than recent international market rates.
However, that amount does not necessarily include the transportation and processing costs of the crude oil, which can be substantial due to the characteristics of Venezuelan heavy oil.
In addition, Washington would have priority to acquire the remaining 80% of the production for 50 years. In the event of a national emergency in the United States, it could exercise the right to purchase all the oil produced by the company.
A private company and shareholders whose identity could remain hidden
The research indicates that the chosen business structure for the agreement could hinder U.S. and Venezuelan citizens from knowing who all the economic beneficiaries of the operation are.
The parent company registered in Barbados is not subject to the same public disclosure obligations as large publicly traded oil companies.
The agreement also does not identify all shareholders nor does it establish clear mechanisms for publicly disclosing the payments that executives would receive or the distributions of profits.
Although it includes obligations for anti-money laundering controls, external audits, and the submission of financial information to the U.S. government, it is unclear whether those documents will be accessible to the public.
The Venezuelan businessman investigated for alleged money laundering
The main private partner of the agreement is Alejandro Betancourt López, a Venezuelan businessman linked to significant energy ventures and known for his association with the so-called "bolichicos," a group of entrepreneurs who amassed great fortunes through contracts during the Chavista governments.
Betancourt has been the subject of investigations related to alleged money laundering and irregular operations in the United States, Spain, and Switzerland.
In Florida, federal prosecutors investigated an alleged scheme involving the diversion of more than $1 billion from the state oil company PDVSA. The investigation was suspended in early 2026 without any charges being filed against the businessman.
In Spain, authorities have investigated alleged bribery payments related to Venezuelan oil contracts, while in Switzerland, a money laundering investigation was dismissed in May of this year.
Betancourt has not been formally accused or convicted of these events, and his representatives have dismissed the allegations regarding his conduct.
Secretary of State Marco Rubio has publicly defended the choice of the businessman as a partner of the U.S. government, highlighting his company's operations in Venezuela and noting that a review with U.S. authorities found no active investigations against him in that country.
A board of directors designed to maintain control
Another noteworthy aspect highlighted by ProPublica is the management structure established for the company.
The agreement includes a board of directors consisting of seven members, the majority of whom must be permanently composed of U.S. citizens.
However, the United States government will only have the right to designate a non-voting observer.
Betancourt will retain the position of executive director, and his dismissal will require a reinforced majority of five out of the seven members of the board.
The initial composition of the governing body will have a mandate of 15 years and will establish the mechanisms for selecting its successors.
According to sources familiar with the negotiations cited by the outlet, these provisions aim to make it difficult for future U.S. or Venezuelan administrations to amend or dismantle the agreement.
What will Venezuela receive in return?
One of the most sensitive points of the research is the absence of explicit commitments that guarantee concrete economic benefits for the Venezuelan state.
The White House has presented the project as an opportunity to revitalize the country's oil industry and generate up to $200 billion in taxes and royalties over 25 years.
However, ProPublica found that the examined document does not explicitly establish the obligation to make those payments for the announced amount.
The acting president of Venezuela, Delcy Rodríguez has defended the agreement and stated that the country will maintain its sovereignty over natural resources.
However, the research warns that the involvement of the Venezuelan government in the management structure and the guarantees of benefits for the population hold a limited place in the text.
There are also discrepancies regarding the duration of oil concessions. While U.S. officials have mentioned exploitation rights of up to 100 years, Venezuelan legislation sets limits that raise questions about the compatibility of those conditions with the national legal framework.
An agreement signed after the capture of Nicolás Maduro
The agreement was reached in a context of profound political transformation in Venezuela, following the capture of Nicolás Maduro by U.S. forces on January 3 and the establishment of a government led by Delcy Rodríguez.
Trump announced the agreement on August 28 and presented it as a historically significant oil operation. Two days later, it was signed by Rubio, Hegseth, and representatives of the private company.
The U.S. administration has defended the alliance as a means to boost Venezuelan oil production, attract investments, and secure long-term energy supplies.
Democratic lawmakers, for their part, have questioned the transparency of the process, Betancourt's selection, and the legal authority of the Pentagon to engage in a business operation of this nature.
The White House, the State Department, the Pentagon, and NABEP have defended the agreement and stated that the alliance will generate long-lasting economic benefits for both countries.
However, the revealed documents show that the oil acquisition rights and the equity stake of the United States are defined more precisely than the economic obligations toward Venezuela.
The research leaves a central question: who will ultimately receive the benefits of one of the agreements involving oil that has been most ambitiously announced by Washington, and what portion of those resources will actually reach the Venezuelans?
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