# North American Blue Energy Partners The private Venezuelan oil producer at the center of the [[Venezuela Oil Government Equity Stake]] — the vehicle through which the U.S. government took a **35% passive equity position** in Venezuelan crude in August 2026. ## The business Controlled by the family of Venezuelan businessman **Alejandro Betancourt López**, the company pumps roughly **200,000 barrels a day** from fields around Lake Maracaibo and the Orinoco Belt. That makes it **Venezuela's second-largest private-sector producer**, behind [[Chevron]] — a position it reached quickly, and, according to the *New York Times*, with notably favorable treatment from the Venezuelan government. Under the August 2026 arrangement it would gain access to **17 oil fields** stated to hold **more than 65 billion barrels**, roughly one-fifth of Venezuela's proven reserves. A U.S. official told Politico the resulting venture would be the second-largest private oil company in the world after [[Aramco]] — a claim resting entirely on booked reserves rather than production, since the company currently produces about a fiftieth of what Aramco does. ## The U.S. position | Element | Term | |---|---| | U.S. vehicle | [[Office of Strategic Capital]] | | Instrument | Penny warrants | | Equity | 35%, passive | | Offtake | Preferential right to buy 20% of output at cost | ## The legal exposure This is the part that distinguishes the company from every other counterparty on the [[Government Equity Stakes Roster]]. Betancourt has faced investigations in **Switzerland, Spain and the United States** over the past decade into alleged money laundering, including whether he played a role in a loan arrangement that U.S. prosecutors say embezzled more than **$1 billion** from [[PDVSA]]. He was arrested twice in Britain in 2025 — first on a Spanish warrant, then in November at Switzerland's request. Switzerland withdrew its extradition request in May 2026, but Zurich prosecutors have confirmed the underlying commercial money-laundering investigation **remains active**. **Betancourt has not been charged in the United States, Switzerland, Spain or Venezuela.** On **27 August 2026**, the day before Trump announced the deal, the *Washington Post* reported that **U.S. officials had intervened in the Swiss case** — lobbying for a resolution that avoided criminal charges and ended travel restrictions, and declining to act on an outstanding Swiss arrest warrant. > [!warning] Scope note > This page covers the company and the transaction. Everything above is attributed to named reporting and states his uncharged status explicitly. ## See Also - [[Venezuela Oil Government Equity Stake]] — the transaction - [[Venezuela]] · [[PDVSA]] · [[Delcy Rodríguez]] - [[Chevron]] — the producer it ranks behind - [[Office of Strategic Capital]] — the U.S. counterparty - [[Government Equity Stakes Roster]] — the ledger - [[Kleptocracy]] — the frame critics apply