A deal regarding Venezuela’s oil, announced by President Trump recently, is being spearheaded by a figure whose reputation is, to say the least, controversial. Alejandro Betancourt has been under scrutiny for money-laundering allegations from various countries over the last ten years.
This agreement aims to grant the U.S. majority control over an impressive 65 billion barrels, which represents roughly 20% of Venezuela’s total oil reserves. This comes at a time when U.S. reserves are running low due to conflicts in the Middle East.
North American Blue Energy Partners, led by Betancourt, happens to be the second-largest private oil producer in North America. The company will gain access to 17 oil fields, along with U.S. military support and a 100-year concession from Venezuelan officials.
At 46, Betancourt has reportedly been pivotal in the Trump administration’s campaign to remove Nicolas Maduro from power. His background is complex, featuring a lengthy money-laundering investigation, questionable government contracts, and even a raid on his castle in Spain.
During a press call organized by the White House, a U.S. official commented on his controversial status: “I mean, you have to sometimes navigate the existing dynamics to achieve your goals.” The official wasn’t shy about emphasizing that while Betancourt’s past isn’t spotless, he has proven useful to the U.S. government.
His role in Maduro’s ouster
Leopoldo Alejandro Betancourt López, the man at the center of this deal, was reportedly instrumental in the efforts of the Trump administration to apprehend Maduro and his wife earlier this year. According to a U.S. official, “No Betancourt, no energy-security deal. And Maduro might still be around if it weren’t for him.”
As Trump pushed for Maduro’s resignation in late 2025, Betancourt reportedly reached out to Venezuelan Vice President Delcy Rodriguez, who is now the interim president, to gauge her interest in taking over leadership.
Betancourt was also in close contact with Mauricio Claver-Carone, a key figure in Trump’s Venezuela strategy, discussing methods to maintain oil production if Maduro were ousted.
During Trump’s first term, Betancourt managed to build a rapport with Claver-Carone, who was then managing affairs in the Western Hemisphere for the National Security Council.
Furthermore, he joined forces with Juan Guaidó, who leads the national assembly in Venezuela, in efforts against Maduro, even traveling to Moscow to deliver a letter urging Russia to withdraw support for the Venezuelan leader.
On January 3, amidst “Operation Absolute Resolve” to capture Maduro, the reports indicate Claver-Carone was corresponding with Betancourt, who was in turn in talks with Rodriguez. Initially, there was panic on Rodriguez’s part, thinking the U.S. had killed Maduro and feeling betrayed. According to an ally of Betancourt, “He had to play the good cop,” and eventually got her to connect with Secretary of State Marco Rubio regarding Venezuela’s presidency.
Money-laundering accusations
Betancourt has been the subject of multiple investigations tied to money laundering activities in countries like Spain, Switzerland, and the U.S., yet he has not faced formal charges. A major money-laundering investigation that began in 2016 resulted in an indictment of his cousin and several Venezuelans.
In 2019, after being identified as a co-conspirator in a money-laundering operation, Betancourt retained Rudy Giuliani as his attorney. Giuliani assured high-ranking DOJ officials that Betancourt was unaware of any wrongdoing.
Interestingly, Giuliani and two associates had previously stayed at Betancourt’s Spanish castle while pressing an aide to investigate Joe Biden, who was in the middle of his presidential campaign against Trump.
Years later, Swiss authorities eventually took up the case, leading to raids on Betancourt’s castle and office in Madrid. This past spring, U.S. officials even attempted to halt the investigation so Betancourt could finalize Trump’s oil deal, as he faced travel restrictions but could still move between his properties in the UK.
In May, Swiss authorities indicated they were not ready to proceed, allowing Betancourt to regain his Venezuelan and Italian passports. Reports suggest he also received a multiple-entry visa to the U.S. for discussions with the Trump administration.
A source in the U.S. energy sector noted, “People who have traditionally been targets of U.S. government scrutiny are now able to capitalize on deals, simply because the U.S. is looking for results in Venezuela.”
No-bid government contracts
While U.S. officials laud Betancourt for his role in facilitating the oil deal and ousting Maduro, he remains a polarizing figure among Venezuelans, seen as a corrupt “bolichico,” referring to young, wealthy businessmen who secured lucrative state contracts under Hugo Chávez.
During Venezuela’s energy crisis in the 2010s, Betancourt secured state contracts valued at $5 billion for power plants, despite lacking any relevant experience. Transparency International suspected his venture, Derwick Associates, of overcharging by $2.9 billion.
Moreover, critics accused Derwick of procuring defective turbines and mismanaging their installation, which resulted in frequent blackouts. In response to defamation suits against the firm, Derwick insisted that operational failures were due to governmental negligence rather than its own actions.
Addressing the controversies surrounding Betancourt, a U.S. official stated, “Geopolitics often doesn’t present a choice between perfect and imperfect. We have to work with whatever circumstances we face to achieve the best outcomes.”
The official emphasized that Betancourt has shown himself to be an effective oil operator, capable of revitalizing fields and generating the revenue Venezuela needs to recover from years of hardship.
His business background
After amassing wealth through power plant contracts, Betancourt invested in a company managing oil fields in western Venezuela, which helped establish NABEP.
He has also ventured into other businesses, including Hawkers, a sunglasses brand from Spain, and Auro New Transport, which provides taxi licenses for rideshare platforms like Uber.
Betancourt was born in 1980 and comes from a prominent family in Caracas. His great-grandfather was Hermógenes López, who briefly served as acting president of Venezuela.
He has claimed to hold both an economics and business degree from Suffolk University and a master’s in business from Oxford University.
Reports also indicate he had a lavish wedding in Madrid in 2012.
