Trump Bets on Betancourt to Unlock Venezuela's Oil Reserves
TL;DR Summary
The Trump administration unveiled a US-backed venture with NABEP led by Alejandro Betancourt to control about 65 billion barrels of Venezuelan reserves via 100-year concessions across 17 fields; the deal would give the Pentagon’s Office of Strategic Capital a 35% stake and allow the US to buy 20% of output at cost, with NABEP planning up to $100 billion in investment to boost production. Betancourt, a Chavez-era contractor with money-laundering probes, becomes a focal point in US efforts to access Venezuela’s oil amid sanctions, though gains may take time to materialize.
- Who is Alejandro Betancourt, ex-Chavez ally now Trump’s Venezuela oil man? Al Jazeera
- How the Pentagon Is Getting Into the Venezuelan Oil Business Under Trump The New York Times
- Why Venezuela probably won’t solve America’s emergency oil problem CNN
- Oil giant Chevron is expected to announce it will expand operations in Venezuela, US official says AP News
- Trump said his deal with Venezuela would lower gas prices. Will it? The Washington Post
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