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A New Player Enters Venezuela's Oil Fields

North American Blue Energy Partners (NABEP), a company once owned by U.S. oil businessman Harry Sargeant and now controlled by Venezuelan entrepreneur Alejandro Betancourt, is set to take over a total of 17 oil projects in Venezuela. Fourteen of these were newly granted to NABEP by the Venezuelan government, according to two U.S. officials.

The deal is part of a broader oil production agreement that President Trump announced last week, giving the United States access to an estimated 64 to 65 billion barrels of Venezuela's proven oil reserves. The new company has been granted 100-year rights over the 17 oil fields.

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Chinese and Russian Operators Lose Their Grip

Five of the fourteen newly granted fields were previously run by Chinese companies, while one belonged to a Russian firm. Two of these projects had been operated by China Concord Resources, a company the United States sanctioned in 2019 over its dealings with Iran. One further project each was linked to state-owned giants Sinopec and China National Petroleum Corporation (CNPC).

CNPC has long operated several joint ventures in Venezuela, including a major project that ships extra-heavy crude directly to China to help pay down Venezuela's debts to Beijing. That decades-old arrangement — built under the socialist governments of Hugo Chávez and Nicolás Maduro — is now being unwound.

Two additional oilfields had been controlled by affiliates of Alex Saab, a close former ally of ousted President Maduro who is currently in U.S. custody. Another field was linked to a nephew of Maduro's wife, Cilia Flores, underscoring how deeply the old regime's inner circle was tied to Venezuela's oil wealth.

A U.S. official described the shift bluntly: the goal is to redirect oil that was flowing to China back toward American markets.

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Washington Takes a Direct Stake

The agreement goes beyond simply reassigning oil contracts. Under the arrangement, the Pentagon will hold a 35% ownership stake in the new joint company, while the State Department has secured a guarantee to purchase 20% of the oil output at cost.

The White House said NABEP, already Venezuela's second-largest oil operator, has committed to investing $100 billion in new oil infrastructure, and described the arrangement as coming at "zero cost" to American taxpayers. Washington will also hold veto power over board members, most of whom are required to be U.S. citizens.

President Trump told reporters the deal would bring "millions and millions of barrels" of Venezuelan crude to refineries in Texas and Louisiana. He was scheduled to meet with oil and gas industry representatives this week to discuss next steps.

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Political Background: A Fractured Transition

The oil deal comes against the backdrop of Venezuela's fragile political transition following Maduro's removal. According to U.S. officials, talks are underway between Venezuela's interim authorities and representatives of the 2015 National Assembly — the last legislative body elected under the country's constitution, even though it currently holds no formal governing power.

One official said a formal agreement with the 2015 Assembly could provide the legal and constitutional foundation needed to support major economic decisions, including the overhaul of the oil sector now taking shape.

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Outlook: A Blow to Beijing's Influence in Latin America

For decades, China poured tens of billions of dollars into Venezuela through oil-for-loan agreements, using the relationship to secure crude supplies and build political influence in Washington's backyard. Analysts note that Chinese state oil majors deliberately kept some distance from direct Venezuelan exposure in recent years, a strategy some now describe as a self-made trap as political conditions shifted against them.

The NABEP deal signals that the Trump administration intends to actively reverse this influence rather than simply compete with it. With a direct government stake, guaranteed crude purchases, and control over field operators, Washington has positioned itself to reshape Venezuela's energy future — and to make clear that Chinese and Russian interests are no longer welcome in it.

Whether this arrangement holds up amid Venezuela's uncertain political transition remains to be seen. But for now, the message from Washington is unambiguous: American companies, American oil buyers, and American strategic interests come first.

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Sources

1. Associated Press (via News4Jax): https://www.news4jax.com/business/2026/09/01/white-house-working-with-north-american-blue-energy-partners-on-venezuela-oil-deal/
2. South China Morning Post: https://www.scmp.com/economy/global-economy/article/3338807/what-assets-does-china-have-venezuela-and-what-could-happen-maduro-gone
3. Forbes: https://www.forbes.com/sites/guneyyildiz/2026/01/03/maduro-venezuela-the-us-and-the-oil-shock-china-cant-price-in/
4. Reuters (Original-Meldung, nicht zitiert, nur als Faktenbasis verwendet): https://www.reuters.com/business/energy/under-us-venezuela-oil-deal-some-chinese-russian-operators-lose-out-officials-2026-08-31/

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