Democratic Senators Question Legality of US Oil Agreement with NABEP

Four Democratic senators sent a letter on September 30, 2026, to Marco Rubio, Pete Hegseth and Chris Wright questioning the legality of the agreement between the United States and North American Blue Energy Partners (NABEP), the company associated with Alejandro Betancourt.

Senators Jeanne Shaheen, Martin Heinrich, Jack Reed and Elizabeth Warren argue that the Office of Strategic Capital does not explicitly authorize the acquisition of equity stakes in private oil companies. The letter demands the full text of the agreement, the legal authorities invoked and details on implementation and the origin of funds.

According to the letter, the deal covers concessions on 17 fields in the Orinoco Belt containing approximately 65 billion barrels of oil. It includes a 35% equity stake for the United States, preferential access to 20% of production and an option to purchase the remaining 80%. One source reports that the concessions run for 100 years.

The senators note that NABEP has operated for two years and produces between 200,000 and 220,000 barrels per day. They question the company's capacity to meet the agreement's commitments and cite prior investigations against Betancourt for alleged money laundering in Spain, Switzerland and the United States, without formal charges having been filed.

The letter also states that the agreement will not reduce energy prices for American consumers or support a democratic transition in Venezuela. The senators request complete information on the due diligence process and the legal authorities supporting the equity purchase by the Department of Defense.