Key facts
- Alejandro Betancourt López heads North American Blue Energy Partners (Nabep), tasked with managing Venezuelan oil fields under a deal involving President Donald Trump.
- Betancourt has a history of contracts with the Venezuelan government and faces investigations in multiple countries, though he has never been convicted.
- His firm Derwick Associates allegedly overbilled for power plant projects awarded without bidding.
- US Secretary of State Marco Rubio cited Betancourt's oil production capabilities and lack of US investigation as reasons for the partnership.
- Betancourt's legal troubles included a dismissed lawsuit and ongoing investigations in Europe and the US, with a recent extradition request withdrawn.
President Donald Trump has characterized a new deal granting US control over some Venezuelan oil fields as "the biggest in history." The production and sale of approximately 65 billion barrels of crude oil from 17 fields will be managed by North American Blue Energy Partners (Nabep), a company registered in Barbados and little-known outside Venezuela.
At the center of this agreement is Alejandro Betancourt López, a Venezuelan oil baron who heads Nabep. Betancourt has a long history of business dealings with the Venezuelan government, dating back to the era of former President Hugo Chávez. However, he has also been the subject of investigations in five countries, though he has never been convicted and denies any wrongdoing.
Born in Caracas in 1980, Betancourt is estimated to be worth around $2.6 billion. His rise is attributed by his CV to his "entrepreneurial spirit," but Venezuelan journalists suggest his early success stemmed from connections made in private school, leading to his firm Derwick Associates securing government contracts worth $5 billion for power plants without competitive bidding.
Organizations like Transparency Venezuela and the Organized Crime and Corruption Reporting Project have alleged that several of Derwick Associates' projects were either unfinished or improperly executed, with one report estimating an overpayment of 138% for 11 projects. Betancourt's legal team has dismissed these accusations as politically motivated smears.
Betancourt's business interests have expanded beyond Venezuela, including a stake in the Spanish sunglasses company Hawkers and banking entities in Switzerland and Africa. His network reportedly spans some 50 companies in 16 countries. In 2013, a former US ambassador filed a lawsuit against Betancourt for alleged bribery, which was dismissed years later. Investigations into alleged corruption schemes related to Venezuela's state-owned oil company, PDVSA, have been opened in Spain, Switzerland, Andorra, and the US.
Betancourt was detained twice in London in 2025, and his Spanish estate was raided, reportedly linked to a Swiss investigation into alleged money laundering. His lawyer suggested he was being targeted due to his associations with other successful young Venezuelan businessmen.
US Secretary of State Marco Rubio defended the partnership, citing Betancourt's proven ability to produce oil, with Nabep reportedly producing around 180,000 barrels per day. Rubio also noted that Betancourt is not currently under investigation by the US and has supported the political opposition. Betancourt reportedly forged connections with opposition leader Juan Guaidó and figures close to President Trump, which may have helped ease legal pressure against him. Following a failed attempt to oust Nicolás Maduro in 2019, Betancourt faced retaliation from the Venezuelan president.