BOGOTÁ, COLOMBIA (By Ana Sanches, Editores Latin Petroleum, 26.Oct.2026, Words: 164) — A report by the investigative news outlet ProPublica revealed the oil pact signed by US secretary of state Marco Rubio and US secretary of defense Pete Hegseth grants Washington a 35% stake in the parent company of North American Blue Energy Partners (NABEP) — controlled by Venezuelan businessman Alejandro Betancourt — and establishes preferential purchase prices for 50 years.
However, the investigation notes the 18-page document does not include any binding obligation to ensure the payment of the $200bn in taxes and royalties previously announced by the White House for the South American nation.
The agreement, structured to make it difficult for future administrations to modify, establishes a board of directors with a US majority and stipulates that any legal disputes will be resolved in federal courts in Texas under US law.
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By Ana Sanches reporting from Bogotá. © 1999-2026 Energy Analytics Institute (EAI) and its 100% owned Venezuelan affiliate Editores Latin Petroleum CA. All Rights Reserved.
