The U.S. administration has selected Alejandro Betancourt López to lead operations of 17 Venezuelan oil fields under a petroleum agreement announced by President Donald Trump, according to reports from September 2-3, 2026. The deal grants the United States majority control of fields containing 21.5 percent of Venezuela's proven crude reserves, equivalent to approximately 65 billion barrels.
Betancourt's appointment through North American Blue Energy Partners (NABEP) has drawn attention given questions surrounding the origins of his wealth and his historical ties to the Venezuelan government. The selection bypassed major international oil companies including ExxonMobil, ConocoPhillips, and BP.
Betancourt accumulated his fortune in Venezuela during the presidencies of Hugo Chávez and Nicolás Maduro. He founded Derwick Associates, an electrical engineering firm, which obtained lucrative contracts during Venezuela's 2009 electrical crisis. The company received contracts to construct 11 new electrical plants during that period.
Betancourt and his associates secured these contracts while Rafael Ramírez served as Energy Minister and president of Pdvsa, the state oil company. The term "bolichicos"—referring to businessmen who accumulated wealth through government connections during the Chávez era—emerged during this period to describe figures like Betancourt.
Questions have surrounded the legality of transferring majority control of the 17 fields to the United States, given that these reserves represent a significant portion of Venezuela's proven crude resources. The agreement was reached with Venezuela's interim government led by Delcy Rodríguez.