RismadarVoice Reporters
September 5, 2026
The United States government has structured its 35% stake in a Venezuelan oil venture through special warrants designed to protect its ownership position from being reduced as the project raises additional capital, a US official has said.
The arrangement involves North American Blue Energy Partners (NABEP), a company controlled by Venezuelan businessman Alejandro Betancourt, which received long-term rights to develop 17 oil fields estimated to hold about 65 billion barrels of reserves under a recent agreement between Washington and Caracas.
According to the official, the Pentagon used “penny warrants” to secure the US position, giving Washington the option to purchase equity at a later stage while maintaining its share of the project’s future value.
The official said the structure was designed as an anti-dilution measure, ensuring that the US government retains its 35% interest as the venture expands and attracts investment needed for large-scale oil development.
“The United States government will realise 35% of the full value of the project once it reaches mature production, as opposed to being diluted in the interim,” the official said.
The arrangement also allows the US to receive dividends before the warrants are exercised, providing benefits associated with equity ownership while protecting its long-term stake.
Separately, the Pentagon secured the right of first offer to purchase 20% of NABEP’s oil production at a price based on production costs rather than market rates. The remaining output would be purchased at market prices.
The deal has faced scrutiny over Betancourt’s previous business dealings, which have been investigated by US and European authorities. He has not been charged and has denied any wrongdoing.
US officials have defended the agreement, describing it as part of efforts to rebuild Venezuela’s energy sector and align its oil industry with US interests.
Venezuela’s oil production, which reached more than three million barrels per day in the late 1990s before declining due to sanctions and economic challenges, currently stands at an estimated 1.1 million to 1.2 million barrels per day.
US Energy Secretary Chris Wright has said production could more than double in coming years as new agreements involving companies including Chevron, Eni, ONGC, GeoPark and GE Vernova take effect.
The agreement is part of broader US efforts to increase involvement in Venezuela’s energy sector following major political changes in the country.
