A significant oil deal between the United States and Venezuela, granting the U.S. majority control over substantial reserves, is being spearheaded by Alejandro Betancourt, a figure facing international money laundering accusations and a history of controversial government contracts. The agreement, announced by the Trump administration, is set to give Betancourt's North American Blue Energy Partners access to 17 Venezuelan oil fields for 100-year concessions, reportedly with U.S. military backing.
The 46-year-old businessman, whose full name is Leopoldo Alejandro Betancourt López, is described as a pivotal player in the effort to remove Venezuelan President Nicolas Maduro from power. A U.S. official acknowledged Betancourt's controversial background, stating, "When you talk about a controversial figure – look, guys, there’s a reality here, okay? And…you have to deal with the dynamics sometimes that are in place in order to get to where you want to go." The official further described Betancourt as "a proven operator" who "has been helpful to the United States government."
Betancourt's alleged role in U.S. objectives in Venezuela reportedly extended to facilitating discussions for Maduro's ouster. In late 2025, he is said to have spoken with Venezuelan Vice President Delcy Rodriguez, who is now the country's interim president, to explore her potential succession. He was also reportedly in consistent communication with Mauricio Claver-Carone, a key figure in the Trump administration's Venezuela policy, to plan for continued oil flow in the event of Maduro's removal. Betancourt also allied with Juan Guaidó, the former head of Venezuela's national assembly, and reportedly traveled to Russia to advocate for an end to Russian support for Maduro.
During Maduro's capture in an operation dubbed "Operation Absolute Resolve" on January 3, Claver-Carone was reportedly in contact with Betancourt, who in turn was communicating with Rodriguez. According to reports, Rodriguez was initially fearful and angered, believing the U.S. had killed Maduro and that she had been double-crossed. Betancourt is credited with calming her and persuading her to speak with Secretary of State Marco Rubio about forming a new government.
Betancourt has been the subject of multiple investigations into money laundering in Spain, Switzerland, and the U.S. since 2016. While he has not been formally charged, a $1.2 billion money laundering probe led to the indictment of his cousin, Francisco Convit, and other Venezuelans. In 2019, following reports identifying Betancourt as a co-conspirator, he hired Rudy Giuliani as his attorney, who reportedly informed top Department of Justice officials that Betancourt was unaware of the criminal activity. In 2020, Swiss authorities pursued the U.S. money laundering case, leading Spanish authorities to raid Betancourt's properties. This spring, U.S. officials reportedly contacted Swiss authorities, requesting a delay in the investigation to allow Betancourt to finalize the oil deal in Washington D.C.
Despite facing travel restrictions in the UK, Betancourt was permitted to travel between his residences. By May, Swiss officials reportedly declined to proceed with the case, leading to the return of Betancourt's Venezuelan and Italian passports and a multiple-entry visa to the United States. "People who have historically been targets of the U.S. government, and at one point could have been sanctioned, are now benefiting from these deals because the U.S. wants results from Venezuela," a U.S.-based energy sector source told The Times.
Venezuelan critics have labeled Betancourt a corrupt "bolichico," a term for wealthy businessmen who secured large state contracts under former President Hugo Chavez. In the 2010s, Betancourt and his partners were awarded approximately $5 billion in state contracts to build power plants during Venezuela's energy crisis, despite lacking relevant experience. An investigation by Transparency International at the time estimated that Betancourt's firm, Derwick Associates, had overbilled by $2.9 billion, and critics accused the company of supplying defective equipment, leading to blackouts. Derwick Associates argued that maintenance failures by the Venezuelan government were responsible for the plant malfunctions.
Betancourt's business background includes a stake in a company that operated oil fields, forming the basis of North American Blue Energy Partners. His other ventures include a Spanish sunglasses brand and a company selling taxi licenses for ride-sharing services. Born in Caracas in 1980 to an influential family, Betancourt claims to hold degrees in economics and business from Suffolk University and Oxford University, respectively. His great-grandfather, Hermógenes López, served as acting president of Venezuela.