Washington, DC -- Representatives Gregory W. Meeks, Ranking Member of the Committee on Foreign Affairs; Robert Garcia, Ranking Member of the Committee on Oversight and Government Reform; Jared Huffman, Ranking Member of the Committee on Natural Resources; Frank Pallone, Jr., Ranking Member of the Committee on Energy and Commerce; and Joaquin Castro, Ranking Member of the Foreign Affairs Subcommittee on Western Hemisphere, demanded answers from Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth on the details of the Trump administration’s agreement to procure a stake in the Barbados-based company North American Blue Energy Partners (NABEP) to exploit Venezuela’s oil reserves, including the text of the agreement, concessions made by the United States to secure the agreement, and answers on how the Trump administration will ensure that revenues generated from Venezuela’s oil resources benefit the Venezuelan people.
A PDF copy of the letter is available here. An excerpt is below.
“In a remarkable imitation of the Maduro regime’s economic playbook, the White House announced on August 31st that the U.S. government would acquire a significant stake in the Barbados-based company [North American Blue Energy Partners].
“Subsequent press reporting indicates that NABEP is owned by Alejandro Betancourt, an individual facing money-laundering and corruption investigations in the United States, Spain, and Switzerland. Senior U.S. officials reportedly intervened in the Swiss criminal investigation into Mr. Betancourt on his behalf even as the Administration was finalizing this partnership with him.
“Senior U.S. officials failed to address bipartisan concerns about its recent actions with respect to Venezuelan energy deals in a closed briefing on September 14, 2026, to members of the House Foreign Affairs Committee. Troublingly, these officials did not provide or commit to providing the text of the relevant agreements for congressional review. Further Member questions also went unanswered, including what the United States has provided to NABEP in exchange for an equity stake potentially worth billions; how the United States will ensure revenue from this oil production will not be misappropriated by either Mr. Betancourt or corrupt Venezuelan officials; and how this oil will meaningfully address the high price of gas U.S. consumers are facing given the challenges inherent in refining Venezuela’s heavy crude oil.”
Additional background: On February 12, 2026, Ranking Member Meeks initiated an inquiry into the Trump administration’s decision to route Venezuela oil revenues into an offshore account in Qatar, seeking answers from the State Department on the U.S. Government’s administration of Venezuelan oil reserves and related financial and bilateral agreements. On June 8, 2026, Ranking Members Meeks and Ranking Member Jeanne Shaheen demanded answers from Secretary Rubio on the administration’s lack of progress to push a democratic transition forward in Venezuela. On September 15, 2026, Rep. Joaquin Castro, Ranking Member on the Subcommittee for the Western Hemisphere, led Committee Democrats in offering a motion to subpoena records related to the Trump administration’s deal with NABEP. Republicans blocked the effort.
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