# United States Government and North American Blue Energy Partners (NABEP) Reach Historic Deal to Develop Venezuela's Oil Sector

- Link: https://www.thailand-business-news.com/pr-news/united-states-government-and-north-american-blue-energy-partners-nabep-reach-historic-deal-to-develop-venezuelas-oil-sector
- Published: 2026-09-01T11:49:00+07:00
- Author: PR Newswire

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**The deal, made possible by strengthening relations between Venezuela and the United
States, is expected to involve nearly $100 billion in investment to commercialize
more than 65 billion barrels of P1 reserves in Venezuela.**

CARACAS, Venezuela, Sept. 1, 2026 /PRNewswire/ — The United States Departments of
State and War have reached an historic deal with North American Blue Energy Partners(
NABEP) to significantly expand oil production in Venezuela. As part of the deal,
NABEP will have operating control of the business, with the United States Government
holding rights to a 35% stake in the company, alongside preferential access to 20%
of the company’s production at cost.

President Donald J. Trump [announced](https://edge.prnewswire.com/c/link/?t=0&l=en&o=4764540-1&h=1769299940&u=https%3A%2F%2Ftruthsocial.com%2F%40realDonaldTrump%2Fposts%2F117175567133618952&a=announced)
the agreement on Truth Social as "the biggest oil deal in world history" and is 
demonstrative of the U.S. and Venezuelan governments deepening collaboration in 
the Venezuelan oil sector, bringing jobs and fiscal stability for Venezuelans and
lower prices at the pump for Americans.

"Venezuela is blessed with an abundance of natural resources, hardworking people
and untapped potential," said Alejandro Betancourt, CEO of NABEP. "This transaction
will unleash that potential to the great benefit of both Venezuelans and Americans.
We are grateful to President Donald J. Trump, Secretary Marco Rubio, Secretary Pete
Hegseth, the United States Government, and to President Delcy Rodríguez and the 
Government of Venezuela, for their confidence in NABEP and their willingness to 
tackle this challenge with us. We look forward to pioneering a new and exciting 
path together."

This new venture is expected to bring tens of millions of additional barrels of 
Venezuelan oil to the global marketplace, thousands of well-paid jobs to Venezuela,
and billions in incremental investment and broader economic activity to drive growth
in Venezuela’s recovering economy. Through the right to purchase 20% of the oil 
produced at cost, this venture will also ultimately deliver billions in savings 
for American consumers and secure a stable and growing strategic supply of oil in
the Western Hemisphere. Through billions in purchases of oil infrastructure and 
equipment from U.S. suppliers, NABEP will also support thousands of manufacturing
jobs in the United States.

Mr. Betancourt has been in the Venezuelan oil industry for more than 15 years with
a consistent track record of success, most recently at the helm of NABEP, where 
he rapidly scaled the company’s production from approximately 18,000 barrels per
day to more than 200,000 barrels per day through roughly $1 billion in company-funded
investment, making it the country’s second-largest oil producer in just two years’
time. Today, the company directly employs over 5,000 people and supports over 10,000
contractor employees across Venezuela.

Following these transactions, NABEP now controls the rights to commercialize more
than 65 billion barrels of P1 reserves in Venezuela. NABEP is seeking to rapidly
expand its operations in Lake Maracaibo and the Orinoco Belt with the near-term 
goal of increasing production to more than 1 million barrels of oil per day.

As it was announced, the program will involve nearly $100 billion in investment 
to increase production capacity and oil and gas infrastructure in Venezuela and 
will generate more than $209 billion in tax revenue for the Venezuelan state.

In a statement [posted to X](https://edge.prnewswire.com/c/link/?t=0&l=en&o=4764540-1&h=241463202&u=https%3A%2F%2Fx.com%2FSecRubio%2Fstatus%2F2093472965404860812&a=posted+to+X)
immediately following the announcement, U.S. Secretary of State Marco Rubio said:"
This deal is a huge win for both the American and Venezuelan people. It demonstrates
how President Trump’s bold foreign policy is driving America First wins: securing
stable reserves and low-cost oil in our Hemisphere and lowering gas prices here 
at home. For the Venezuelan people, this deal will bring nearly $100 billion in 
private investment, support thousands of high-paying jobs, and drive the reconstruction
of Venezuela’s economy."

**About North American Blue Energy PartnersNorth American Blue Energy Partners (
NABEP) is an independent oil exploration and production company operating in North
and Latin America, with offices in Caracas, Maracaibo and Lechería. NABEP is committed
to the responsible development of energy resources, the safety of its people, and
the prosperity of the communities where it operates. [www.nabep.net](https://edge.prnewswire.com/c/link/?t=0&l=en&o=4764540-1&h=1610699575&u=http%3A%2F%2Fwww.nabep.net%2F&a=www.nabep.net)

**Media contact[press@nabep.com](https://www.thailand-business-news.com/pr-news/press@nabep.com)

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