Betancourt Showcases 223,000-Barrel Venezuela Oil Venture as Secret 50-Year U.S. Deal Faces Scrutiny
Updated
Updated · The Washington Post · Nov 8
Betancourt Showcases 223,000-Barrel Venezuela Oil Venture as Secret 50-Year U.S. Deal Faces Scrutiny
3 articles · Updated · The Washington Post · Nov 8
Summary
Alejandro Betancourt used a two-day tour to unveil U.S.-backed oil operations in Venezuela, saying NABEP is already pumping about 223,000 barrels a day and shipping crude he calls “America’s oil.”
An 18-page contract reviewed by The Post shows a 50-year arrangement giving the United States a 35% stake in NABEP and the right to buy 20% of output at $30 a barrel, with first refusal on the rest.
Betancourt says production rose from 18,000 barrels a day in late 2023 and targets 275,000 by year-end, 350,000 next year and 1,015,000 by 2033 across fields holding 63.7 billion barrels.
The expansion still faces steep technical and financial hurdles, especially in the Orinoco Belt, where experts say greenfield development could take 5 to 10 years and cost $15 billion to $20 billion.
Political risk is also rising: María Corina Machado has threatened to review the opaque deal, while U.S. Democrats and industry analysts question its legality, transparency and ability to cut gasoline prices.