NABEP owner Betancourt faces money laundering investigations across Europe
NABEP owner Betancourt faced money laundering investigations in Europe, creating legal uncertainties in the US-Venezuela oil venture.
Event / Energy
US-Venezuela Oil Deal
US oil operations and investment in Venezuela following political changes, including Chevron expansion plans and Pentagon involvement in resource development.
5 reported locations
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19 articles0 articles
2026-08-29 to 2026-11-07 · UTC publication dates
Coverage begins 29 Aug, 04:04 UTC
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What happened
Energy Secretary Chris Wright visits Venezuela to formally unveil Chevron investment deal
Energy Secretary Chris Wright traveled to Venezuela on Wednesday to formally unveil Chevron's new investment and expansion agreement. The visit was coordinated by the Trump administration to demonstrate government backing for the expanded U.S. oil company operations in the country.
Chevron increases working interest in Petroindependencia to 49% and Petropiar to 30%
In April, Chevron increased its working interest in its Petroindependencia joint venture to 49%. Separately, Chevron holds a 30% interest in the Petropiar joint venture, which was granted rights to develop the adjacent Ayacucho 8 area as part of the expanded agreements announced in February.
Venezuela's acting President Delcy Rodríguez authorized 100-year oil concessions
Venezuela's acting President Delcy Rodríguez, who assumed power following Maduro's capture, granted North American Blue Energy Partners 100-year concessions over 17 oil fields containing 65 billion barrels of proven reserves. Legal analysts question whether Rodríguez has constitutional authority to grant such concessions without approval from the Venezuelan National Assembly.
Nicolás Maduro captured by U.S. military operation in January and transferred to United States
A U.S. military operation in January captured former Venezuelan President Nicolás Maduro in Caracas. Maduro was transported to the United States to face federal drug-trafficking and narcoterrorism charges, enabling the transition of power to interim authorities.
Venezuela holds world's largest proven crude oil reserves at 303 billion barrels
Venezuela contains the world's largest proven crude oil reserves, totaling more than 303 billion barrels according to OPEC's 2025 Annual Statistical Bulletin. Saudi Arabia ranks second with 267 billion barrels. Despite holding these vast reserves, Venezuela's current oil output is only 1.1 to 1.2 million barrels per day due to political instability and international sanctions.
Trump administration announces oil deal giving Pentagon stake in Venezuelan reserves
The Trump administration announced a partnership with North American Blue Energy Partners (NABEP) to develop Venezuela's oil reserves. Under the agreement, Venezuelan interim authorities granted NABEP 100-year concessions covering 17 oil fields with proven reserves of 65 billion barrels. The Pentagon secured majority ownership and governance rights in the venture, with the State Department retaining the right to purchase 20% of oil produced at cost.
Exxon maintains position that Venezuela is uninvestable
Exxon Mobil confirmed it has not changed its position regarding Venezuela operations. CEO Darren Woods previously characterized Venezuela as uninvestable. A company spokesman reiterated Tuesday that nothing has changed despite Trump's statements suggesting Exxon was preparing to enter the Venezuelan market.
National average U.S. gasoline price rises to $4.12 per gallon
The national average price for a gallon of regular gasoline jumped to $4.12, representing an increase of 93 cents compared to the same time the previous year, according to AAA.
Chevron announces $7 billion investment expansion in Venezuelan oil operations
Chevron confirmed expansion of its Venezuelan operations with planned investment exceeding $7 billion over the next five years. The company was assigned additional acreage in the Orinoco Oil Belt, including rights to develop Carabobo-1, Carabobo-2-South-A, and Ayacucho 8 areas. Chevron projects production from its joint ventures will increase to approximately 600,000 barrels per day, more than double 2026 levels, while maintaining costs below $20 per barrel.
Chevron production in Venezuela increases 15% in early 2026
Chevron reported that production across its three Venezuelan joint ventures increased by 15% in the first part of 2026, demonstrating improved operational performance ahead of planned expansion.
Chevron has operated in Venezuela continuously since 1923
Chevron has maintained a presence in Venezuela for over a century, with operations dating back to 1923. The company operates three joint ventures: Petroindependencia and Petropiar in the Orinoco Oil Belt, and Petroboscan in Zulia State in western Venezuela. Chevron is the only major U.S. oil company that continued operating in Venezuela after the 1976 and 2007 nationalizations.
NABEP owner Alejandro Betancourt faced criminal money laundering investigations in Spain and Switzerland
Alejandro Betancourt, Venezuelan businessman and owner of North American Blue Energy Partners selected for the major Venezuelan oil deal, has faced criminal investigations for alleged money laundering in Spain and Switzerland. No formal charges were ever filed. U.S. administration officials stated that Betancourt was vetted and that no U.S. laws were violated.
National average gas price reaches $4.08 amid Iran war tensions
The Iran war has driven gas prices at the national average to $4.08, representing a 28% increase over the past year according to AAA data.
US State Department gains right to purchase 20% of Venezuelan oil output at cost
As part of the agreement, the U.S. State Department receives the right to purchase 20% of the output from all current and future oil fields operated by NABEP at production cost, with additional right of first refusal on the remaining 80% of production.
Trump plans meeting with oil refiners to expand refining capacity
President Trump scheduled a meeting for Tuesday with large and small oil refiners to discuss ways to increase America's capacity to refine oil into gasoline, with the administration viewing expanded refinery capacity as necessary to process Venezuelan oil and eventually reduce consumer prices.
Venezuela grants 100-year operating rights over oil fields to NABEP
Venezuelan acting President Delcy Rodríguez granted NABEP 100-year rights to operate 17 oil fields with proven reserves of 65 billion barrels. Many of these fields were previously owned by Russian or Chinese firms. NABEP, owned by Venezuelan businessman Alejandro Betancourt, is already Venezuela's second-largest oil operator behind Chevron.
US secures 35% stake in Venezuelan oil venture with 65 billion barrel reserves
The White House announced a partnership with North American Blue Energy Partners (NABEP) giving the Pentagon's Office of Strategic Capital a 35% equity stake in a joint venture. The deal grants access to 65 billion barrels of proven oil reserves across 17 Venezuelan oil fields, with NABEP committing to invest up to $100 billion in new oil infrastructure.
Trump administration claims oil deal at zero cost to US government
The White House stated the Venezuelan oil partnership would be at zero cost to the U.S. government, with the government retaining veto power over board members, the majority of whom would be U.S. citizens. NABEP will employ U.S. auditors, lawyers, and advisers, with the agreement governed by U.S. law and subject to U.S. court jurisdiction.
Democratic senator opposes Pentagon investment in Venezuelan oil as abuse of power
Sen. Jack Reed, the top Democrat on the Senate Armed Services Committee, stated that using the military to boost a private oil venture should be rejected and called President Trump's effort to turn the U.S. military into an investor in Venezuelan oil a blatant abuse of power and taxpayer dollars.
Nicolas Maduro captured by US military in narcoterrorism operation
A January military mission led by the Trump administration captured then-President Nicolás Maduro on federal narcoterrorism and drug trafficking charges, prompting the Trump administration's push to develop Venezuela's oil industry.
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2 alternative perspectives
US gasoline prices climb to $4.12 per gallon amid energy pressures
US gasoline prices hit $4.12 per gallon as energy constraints persist despite Venezuelan oil agreements.
Venezuela authorizes century-long oil concessions amid sector restructuring
Venezuela authorizes century-long oil concessions amid sector restructuring to attract external investment.
Pentagon stake in Chevron's Venezuelan expansion raises oversight questions
Pentagon stake in Chevron's Venezuelan oil expansion sparks oversight concerns.
Oil refiners meet Trump to expand capacity amid energy pressures
Trump convenes oil refiners to boost capacity as gas prices reach $4.08 amid energy pressures.
Democratic senator challenges Pentagon investment in Venezuelan oil venture
Democratic senator opposes Pentagon investment in Venezuelan oil as abuse of power.
US secures Venezuelan oil stake with purchase rights at production cost
US secures 35% Venezuelan oil stake and purchasing rights at production cost.
US charts SPR refill path with Venezuelan crude as reserves hit 44-year low
US pursuing Strategic Petroleum Reserve refill with Venezuelan oil as reserves hit 44-year lows.
Maduro extradition reshapes Latin America's geopolitical balance
Maduro's extradition clears path for US control of Venezuelan oil, reshaping Latin American geopolitics.
US-Iran military engagement reaches six-month operational milestone
US-Iran military engagement reaches six-month milestone amid regional escalation.
Venezuela projects $209 billion revenue from oil sector opening
Venezuela expects $209 billion revenue from newly opened oil sector, contingent on private investment and production scaling.
Venezuelan crude incompatibility complicates US reserve refill strategy
Venezuelan crude's chemical composition incompatible with Strategic Petroleum Reserve requirements undermines refill strategy.