Private equity-owned oil companies involved in Venezuela oil takeover talks with Trump
May 6, 2026
Private equity-backed oil companies were listed among the participants in a meeting organized by President Trump to push for investments in Venezuela after the US military captured and detained Venezuelan President Nicolás Maduro in January of this year. About a month after the capture of Nicholas Maduro, the White House invited oil & gas companies, including some with ties to private equity firms, to a meeting to discuss potential investment opportunities in Venezuela, with some thinking “political connections may account for the invitations more than expertise”. Reuters reported the inclusion of the smaller, private companies as notable, given that they mostly only have experience operating in the US. Additionally, many of the smaller private companies have roots in the Denver region, which is home to Secretary of Energy Chris Wright.
Although President Trump claims there is an opportunity to “rebuild Venezuela’s rotting energy infrastructure and eventually increase oil production to levels never seen before”, members of Congress have sent a letter to invitees warning about the uncertain legality of the US to exert control over Venezuelan state property.
The letters sent by 13 members of Congress to attendees included Aspect Holdings,Continental,Hilcorp,HKN,Raisa Energy,Tallgrass,Trafigura, andVitol. Ares Management owns 10-25% of Raisa Energy through its Ares Pathfinder Fund. Aspect Holdings has received an investment from Quantum Energy Capital, and has former US House Speaker Kevin McCarthy on its Board. Finally, Tallgrass Energy is a portfolio company of Blackstone.
Tallgrass Energy
Tallgrass Energy, a Blackstone portfolio company since 2019, operates 7,000 miles of oil and gas pipeline and storage systems in the U.S. Tallgrass is the developer of a controversial pipeline project throughout the Navajo Nation that was pitched to community members as a clean hydrogen pipeline. Tallgrass last year converted the project to a natural gas pipeline that could carry natural gas or a blend of hydrogen and natural gas, surprising many who have experienced a century of resource extraction that has not generated economic development in the region.
In addition to community resistance, the project is further complicated by its unclear feasibility. Joe Romm, a senior research fellow at the University of Pennsylvania’s Penn Center for Science, Sustainability and the Media and a former acting assistant secretary for energy efficiency and renewable energy at the U.S. Department of Energy, said “Blending doesn’t make a lot of sense. You can’t blend a lot” because the chemical nature of hydrogen “will basically tunnel through and destroy normal steel and a lot of other things.”
Outside of the traditional energy sector, in July 2025, Tallgrass announced plans to partner with Crusoe to develop an AI data center campus in southeast Wyoming. This aligns with Blackstone’s ambitions in investing along the data centers/AI supply chain. As of mid-2025, Blackstone managed $85 billion worth of data centers globally and continues to invest in the sector for the long term. Blackstone has been very clear about its intention to invest across the AI supply chain, stating: “We have built the largest and fastest growing data center business in the world in partnership with incredibly talented teams at our portfolio companies. For years now, we have been planting the seeds for future growth and are positioning ourselves for continued leadership over the long term.”
Explore the list of energy companies in Blackstone’s portfolio as of January 2026 here.
