The U.S. Has Ousted Russia And China From Venezuela's Oil Sector

• 1.09.2026, 14:11

Putin's efforts have finally come to nothing.

Vladimir Putin’s efforts to support the Venezuelan regime have finally come to nothing. A Russian company that was involved in developing oil fields in Venezuela will lose its assets.

As part of the operation to transfer 65 billion barrels of proven reserves to the U.S.—which Donald Trump in his characteristic manner called “the largest oil deal in world history”—the American oil company North American Blue Energy Partners (NABEP) will gain control over a number of Venezuelan oil fields. Among them are those previously operated by several Chinese companies and one Russian company, as reported by Reuters by two U.S. officials.

Roszarubezhneft operated in Venezuela on behalf of Russia as part of a joint venture with the local state-owned company PDVSA. It was established in 2020 and is owned by Rosimushchestvo. On the day of its registration, Rosneft announced that it was ceasing its operations in Venezuela and transferring its assets there—stakes in five production companies, as well as in oilfield service companies and trading operations—to Roszarubezhneft. It was unprofitable for Rosneft to continue operating in Venezuela due to strict U.S. sanctions.

Now, as part of a deal with the U.S., the assets themselves will be transferred to NABEP. It is controlled by Venezuelan businessman Alejandro Betancourt, whose extradition on money laundering charges Switzerland had been seeking just a few months ago. Betancourt acquired NABEP from American oil tycoon Harry Sargent and forged close ties with the Trump administration after it ousted dictator Nicolás Maduro.

Of the 14 Venezuelan projects that will come under NABEP’s control as part of the deal with the U.S., one was managed by a Russian company, and five were being developed by Chinese oil producers, sources told Reuters. Of these five, two blocks were being developed by China Concord Resources, which was hit with U.S. sanctions in ‌2019 for ties to Iran, while one each was being developed by the state-owned companies Sinopec and China National Petroleum Corp.

“We are not only opening up new opportunities for the U.S. government and American operators, but we are also making the United States a market for this oil, which was previously supplied to China,” said one U.S. official.

The Russian regime was very close to the Venezuelan regime, supplying it with weapons and assisting with oil production. Rosneft CEO Igor Sechin flew to Caracas on numerous occasions, and Moscow became Caracas’ lender of last resort. Between 2006 and 2018, Venezuela received at least $17 billion in loans and credit lines from the Russian government and Rosneft. Rosneft repeatedly provided Maduro with advances, which Venezuela repaid with oil deliveries, often with significant delays.

Now, according to its statement, NABEP will manage the acquired business on an operational basis, while the U.S. government will receive ownership of 35% of the company’s shares, as well as “preferential access” to 20% of its production at cost. The White House added that NABEP has granted the U.S. State Department the right of first refusal on the remaining 80% of its production.

The Trump administration considers the Venezuelan parliament—the National Assembly—in its 2015 composition to be the last legislative body elected in accordance with the constitution and possessing legitimate authority. Negotiations with representatives of the Assembly, as well as with the interim authorities of the country—which, following Maduro’s takeover, is led by former Vice President Delsy Rodríguez—are intended to provide a constitutional and legal framework for the transition period, a Reuters source explained.

At the same time, Washington has no qualms about working with Betancur, who has a mixed reputation in Venezuela itself: he is both respected for his competence and despised as a cynical opportunist, according to the Financial Times. “Rodriguez and the U.S. government see him as someone who time and again solves problems with capital and logistics,” a Venezuelan oil expert familiar with the details of the deal explained to the newspaper.

In Venezuela, Betancura is considered part of a class of businesspeople with political connections who grew rich under Hugo Chávez and Maduro, while the authorities expropriated assets from private companies such as ExxonMobil and ConocoPhillips. “He is a skilled manipulator and a man without principles,” says Venezuelan journalist César Batiz, who has investigated Betancura’s activities.

Venezuelan activist Tor Halvorssen, who heads the U.S.-based Human Rights Foundation, spoke even more harshly in an interview with the FT: “He’s the kind of scumbag you only come across once in a generation.”