The Trump administration defended its partnership with Venezuelan businessman Alejandro Betancourt to manage one-fifth of Venezuela’s oil reserves, following the seizure of former leader Nicolás Maduro on drug-trafficking charges. A senior US official said Betancourt, owner of Venezuela’s second-largest private oil company, is a proven operator capable of restoring production in a sector damaged by corruption, sanctions, and mismanagement. The White House framed the deal as a strategic move to counter Chinese and Russian influence in the Western Hemisphere, arguing that US backing would attract $100 billion in investment to 17 oilfields previously held by foreign adversaries.

Betancourt, a prominent Bolichico who profited under Hugo Chávez’s government, faces past allegations of embezzlement and money laundering in Europe, though his lawyers deny wrongdoing and note he has never been charged. The administration’s defense comes as US Energy Secretary Chris Wright visits Caracas to promote US energy investments. Chevron is expected to announce a separate expansion of its operations in Venezuela, including new acreage in the Carabobo region of the Orinoco Belt, near its joint venture Petroindependencia with Petróleos de Venezuela.

The White House insists the agreement delivers the best feasible outcome amid imperfect geopolitical choices.