The secret Venezuela oil agreement gives Washington control without requiring public ownership transparency

ProPublica obtained the agreement behind what Donald Trump called the biggest oil deal in history. The United States is to acquire 35% of North American Blue Energy Partners through a Barbados parent, paying no money upfront and exercising warrants at one cent a share. It receives a 20% oil discount, first priority on the remainder for 50 years and the right to buy the company's entire supply during a declared national emergency.

The governance terms are unusually durable. A majority of the seven-member board must always be US citizens, but Alejandro Betancourt—the Venezuelan businessman chosen as chief executive—is the only director named in the agreement. Removing him, changing the board or approving certain related-party transactions requires five votes. Barbados disclosure rules may allow some indirect investors to remain anonymous. The agreement requires anti-money-laundering controls, audits and regular financial reports to Washington, but does not say those reports must become public.

Betancourt has faced money-laundering investigations but has not been charged. Orlando Alvarado, who signed for the parent company, was described by the Miami Herald as an unindicted co-conspirator in an earlier Venezuelan oil-company case; a NABEP spokesperson says neither man has been charged anywhere and calls the allegations baseless.

The economic scale also needs perspective. NABEP currently produces about 200,000 barrels a day—roughly as much in a year as the US consumes in three days—and aims for 500,000 by the end of 2028. The agreement itself does not guarantee the $200bn in Venezuelan royalties and taxes promoted by the White House. Disputes are governed by US or Texas law and routed to federal court in northern Texas, not Venezuelan courts.

Several implementation documents remain under negotiation, so the venture is not fully effective. What is already visible is the asymmetry: Washington secures purchase rights and corporate leverage; private partners receive unusually entrenched positions; Venezuela's representation, public accountability and binding benefits are largely left outside the signed text.