An investigation by ProPublica revealed on Wednesday the terms of a oil deal between the Donald Trump administration and a private company linked to the controversial Venezuelan entrepreneur Alejandro Betancourt López.
The agreement stipulates that the United States will acquire a 35% stake in the company, along with preferential rights to purchase Venezuelan oil at set prices, while questions remain about the identity of some investors and the benefits that the Venezuelan population would receive.
A investigation by the American outlet ProPublica revealed the previously unknown terms of the 18-page strategic partnership agreement announced by President Donald Trump with Venezuela, which involves the United States acquiring 35% of a private company controlled by Venezuelan businessman Alejandro Betancourt López, as well as preferential conditions for accessing the oil of the South American country.
The report, published on Tuesday, October 20, is based on an 18-page strategic partnership agreement signed by Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth.
One of the most significant findings is that the agreement was not signed directly with the Venezuelan government, but with North American Blue Energy Partners (NABEP), a company whose parent company is registered in Barbados, where legal provisions allow for the identity of certain shareholders and investors to remain confidential.
The revelation raises questions about who might financially benefit from the exploitation of Venezuela's oil resources and what assurances exist that the revenues generated by the agreement will reach the country's population.
The United States would obtain oil at $30 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 execution will depend on the fulfillment of the conditions set forth to close the transaction.
The agreement also grants the United States the right to purchase 20% of NABEP's oil production at $30 per barrel, a price significantly lower than recent quotes in the international market.
However, that amount does not necessarily include the costs of transportation and processing of the crude oil, which can be high 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 identities could remain concealed
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 the major publicly traded oil companies.
The agreement also does not identify all the shareholders nor does it establish clear mechanisms to publicly disclose the payments that the executives would receive or the profit distributions.
Although it includes obligations for controls against money laundering, external audits, and the provision 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 in the agreement is Alejandro Betancourt López, a Venezuelan entrepreneur linked to significant energy businesses and known for his association with the so-called bolichicos, a group of businessmen 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 to divert over $1 billion from the state-owned 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 discontinued in May of this year.
Betancourt has not been formally accused or convicted of these actions, and his representatives have dismissed the suspicions regarding his conduct.
Secretary of State Marco Rubio has publicly defended the selection of the businessman as a partner of the U.S. government, emphasizing 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 aspect highlighted by ProPublica is the established management structure for the company.
The agreement includes a board of directors consisting of seven members, with the majority required to be permanently composed of U.S. citizens.
However, the government of the United States will only have the right to appoint a non-voting observer.
Betancourt will retain the position of executive director, and his dismissal will require a reinforced majority of five out of seven members of the board.
The initial composition of the governing body will have a term of 15 years and will establish the mechanisms for electing its successors.
According to sources familiar with the negotiations quoted by the outlet, these provisions aim to make it difficult for future U.S. or Venezuelan administrations to modify or dismantle the agreement.
What will Venezuela receive in return?
One of the most sensitive points of the investigation is the lack of explicit commitments that ensure 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 in the announced amount.
The acting president of Venezuela, Delcy Rodríguez, has defended the agreement and assured 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 these conditions with the national legal framework.
An agreement signed after the capture of Nicolás Maduro
The pact occurs in the context of a profound political transformation in Venezuela, following the capture of Nicolás Maduro by U.S. forces on January 3, 2026, and the establishment of a government led by Delcy Rodríguez.
Trump announced the deal on August 28 and presented it as a historic-scale 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 way to boost Venezuelan oil production, attract investments, and ensure long-term energy supplies.
Democratic lawmakers have questioned the transparency of the procedure, the selection of Betancourt, and the Pentagon's legal authority to engage in a business operation of this nature.
The White House, the State Department, the Pentagon, and NABEP have defended the agreement and argued that the alliance will generate lasting economic benefits for both countries.
However, the disclosed documents show that the oil acquisition rights and the equity participation of the United States are defined with greater precision than the economic obligations towards Venezuela.
The investigation thus poses a central question: who will ultimately receive the benefits of one of the most ambitious oil agreements announced by Washington, and what portion of those resources will actually reach the Venezuelans?
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