# Fiscal scrutiny and production goals for Venezuela-NABEP oil > Live situation record from CLSTR: https://clstr.news/situations/alejandro-betancourt-role-in-venezuelan-oil-and-diplomacy > Updated: 2026-09-11T04:02:19.000Z. Sources: 72. Developments: 6. The oil agreement between the Venezuelan government and North American Blue Energy Partners (NABEP) has come under intense scrutiny regarding its fiscal impact and the lack of a competitive selection process. Economist José Guerra estimates the deal represents a fiscal sacrifice exceeding $6 billion, comprising $4.5 billion lost due to the direct adjudication of 17 oil fields without public bidding and an additional $1.7 billion from the provision of 20% of the committed crude to the United States at cost. PDVSA President Héctor Obregón defended the decision to bypass a public tender, arguing that Venezuelan legislation permits alternative mechanisms and that the nation’s urgent economic needs required an accelerated process. However, oil governance specialist Francisco Monaldi noted that awarding such a massive package of fields to a single entity deviates from industry standards seen in neighboring countries. Following the agreement, NABEP released a production roadmap aiming to increase Venezuelan crude output to 500,000 barrels per day by late 2028, with a long-term ambition to reach 1 million barrels per day. The company, led by CEO Alejandro Betancourt, currently operates as the second-largest private oil producer in Venezuela and intends to fund this expansion through operational cash flow. Donald Trump has characterized the pact as “the biggest oil deal in world history,” noting that the 100-year concessions for the 17 fields secure access to approximately 65 billion barrels of proven reserves. Trump claimed these reserves could provide a “500-year supply” for the United States. New details indicate the agreement includes a 35% equity stake for the U.S. government, supported by the U.S. Departments of State and Defense to accelerate development. ## Claims - The oil agreement grants the United States access to approximately 20% of Venezuela’s crude reserves for several decades. (disputed by 16 sources) - The pact grants access to one-third of Venezuela's crude reserves to a single company. (disputed by 3 sources) - The Pentagon’s Office of Strategic Capital has acquired a 35% stake in North American Blue Energy Partners (NABEP). (corroborated by 17 sources) - NABEP has been granted operating rights for 17 oil fields in Venezuela. (corroborated by 17 sources) - The U.S. State Department has the right to purchase 20% of NABEP’s oil production at cost. (corroborated by 15 sources) - The oil agreement involves approximately 65 billion barrels of proven reserves. (corroborated by 10 sources) - U.S. authorities have suspended or paused money-laundering investigations into Alejandro Betancourt. (corroborated by 8 sources) - The oil agreement with Venezuela is the largest in world history. (corroborated by 8 sources) ## Timeline ### 2026-09-11: NABEP targets 500,000 barrels of Venezuelan oil per day by 2028 NABEP aims to increase Venezuelan oil production to 500,000 barrels per day by 2028 following a major deal with the U.S. government involving 17 oil fields. 2 sources. https://clstr.news/cluster/nabep-targets-500000-barrels-of-venezuelan-oil-per-day-by-2028 ### 2026-09-10: Trump announces energy deal securing 500 years of Venezuelan oil reserves Donald Trump announced an energy deal involving 17 Venezuelan oil fields, granting access to 65 billion barrels of reserves that he claims could supply the U.S. for 500 years. 3 sources. https://clstr.news/cluster/trump-announces-energy-deal-securing-500-years-of-venezuelan-oil-reserves ### 2026-09-08: Venezuela oil deal with NABEP faces scrutiny over $6 billion fiscal loss Venezuela's PDVSA is defending a non-competitive oil deal with NABEP, despite economist warnings of a $6 billion fiscal loss due to the lack of public bidding for 17 oil fields. 3 sources. https://clstr.news/cluster/venezuela-oil-deal-with-nabep-faces-scrutiny-over-6-billion-fiscal-loss ### 2026-09-05: Venezuela energy pact grants NABEP access to 17 oil fields The US and Venezuela have signed a major energy pact granting NABEP access to 17 oil fields with 65 billion barrels of reserves. The deal includes a 35% Pentagon stake in NABEP's parent company. 64 sources. https://clstr.news/cluster/alejandro-betancourt-us-suspends-probe-amid-venezuela-oil-deal ### 2026-08-31: Alejandro Betancourt secures major Venezuelan oil deal Entrepreneur Alejandro Betancourt has secured control over 17 Venezuelan oil fields through his company, NABEP, following a major oil deal involving the Trump administration. 2 sources. https://clstr.news/cluster/alejandro-betancourt-secures-major-venezuelan-oil-deal ### 2026-08-17: Alejandro Betancourt returns to Venezuela as strategic intermediary Billionaire Alejandro Betancourt has returned to Venezuela, acting as a strategic advisor to Delcy Rodríguez and an informal intermediary between Caracas and the Trump administration. 5 sources. https://clstr.news/cluster/alejandro-betancourt-returns-to-venezuela-as-strategic-intermediary --- Cite as: Fiscal scrutiny and production goals for Venezuela-NABEP oil. CLSTR, https://clstr.news/situations/alejandro-betancourt-role-in-venezuelan-oil-and-diplomacy