Trump’s Venezuelan Oil Deal Relies on a Powerful and Divisive Partner

The Trump administration’s highly unusual deal to develop Venezuela’s vast oil resources would have the U.S. government collaborate with an influential and polarizing Venezuelan businessman.

Under the deal that President Trump announced late Friday, the United States would work with Alejandro Betancourt López, whose family controls Venezuela’s second largest private oil producer, North American Blue Energy Partners, according to four people familiar with the arrangement.

The federal government is expected to back the development of a significant portion of Venezuela’s proven oil reserves through the Pentagon’s Office of Strategic Capital, while Mr. Betancourt’s company would lead operations, three of the people said. The deal covers 17 oil fields spread across Venezuela.

Venezuela’s president, Delcy Rodríguez, backed the deal, saying in a statement late Friday that it would have a “significant impact on our nation’s revival,” and generate more than $200 billion in tax revenue for the government.

Article source: https://www.nytimes.com/2026/08/29/business/energy-environment/venezuela-alejandro-betancourt-oil-trump.html