Questions Mount Over Betancourt's Past as Trump Touts Venezuela Oil Deal
A Venezuelan watchdog found Derwick billed $5bn for power infrastructure worth $2.1bn, placing the US's choice of energy partner under renewed scrutiny.
A report from Transparencia Venezuela found that Derwick Associates, a company linked to Alejandro Betancourt, built 11 power projects in Venezuela and charged the state $5bn for work the watchdog valued at $2.1bn, according to Energy Voice reporting published Wednesday (2026-09-02). At nearly $2.9bn, the gap is drawing attention because Betancourt now leads NABEP, the entity designated as Washington's partner in the oil deal President Donald Trump has described as the "biggest" ever struck with Caracas.5
Betancourt is often described in Venezuelan political circles as a "bolichico," a term for businesspeople who enriched themselves through proximity to successive Caracas governments. His involvement in Derwick's electricity rehabilitation work dates back roughly 15 years. That history now sits directly alongside his role in a deal the White House has publicly championed.5
The commercial logic is not hard to follow. Venezuela holds the world's largest proven oil reserves but currently produces only about 1.16 million barrels per day. Rystad Energy estimates the country needs $183bn in investment to reach 3 million barrels per day. With ICE Brent crude front-month trading at $94.46 per barrel on Wednesday (2026-09-02), the prize is large enough to attract serious capital and serious scrutiny of who controls access to it.4,1
Trading houses are moving regardless. Vitol is planning to establish a presence in Venezuela, Reuters reported, citing unnamed sources. Vitol and Trafigura previously agreed with the White House to sell 50 million barrels of Venezuelan crude, valued at roughly $2bn; that volume was later doubled to 100 million barrels, OilPrice.com reported.2
India's ONGC has secured a US OFAC license to return to Venezuela, Indian media reported. The company holds a 40% stake in the San Cristobal project and an 11% stake in Carabobo, and a return could unlock more than $500m in accumulated dividends. India had already become the second-largest buyer of Venezuelan crude behind the United States, with imports running at 427,000 barrels per day in May.3
Shell has signed preliminary agreements to develop Venezuelan gas fields, and Chevron transferred some offshore oil and gas assets to state oil company PDVSA in exchange for a larger equity share, The Economist reported in May 2026. The volume of commercial activity entering through US licensing channels amplifies the practical significance of who leads NABEP.1
Venezuela is separately weighing withdrawal from OPEC, Bloomberg reported Friday (2026-08-28), citing sources familiar with discussions between Caracas and Washington. No decision has been reached. An exit would give the US more direct influence over Venezuelan output targets, reducing Caracas's obligation to observe OPEC+ production discipline at a time when Gulf producers are managing coordinated cuts.4
The Transparencia Venezuela findings against Derwick are a documented claim, not a legal verdict. But in Washington's OFAC licensing environment, the track record of deal principals carries weight. If scrutiny of Betancourt's past intensifies through congressional or inter-agency channels, the path to the $183bn in investment Rystad estimates Venezuela needs becomes narrower.5,1