North American Blue Energy Partners

ProPublica reported (Oct 20, 2026) that a deal to capture Venezuela's oil gives the U.S. a 35% stake in Alejandro Betancourt's firm, North American Blue Energy Partners, through shares in a Barbados-registered parent company. The signed deal, by Hegseth and Rubio, lets the U.S. buy up to 20% of the oil at a steep discount, runs 15 years under a seven-member board with a U.S.-citizen majority, and appears to conflict with Venezuelan law limiting concessions to 25 years. Betancourt has been accused of money laundering.