Chevron Expands in Venezuela Amid Skepticism Over Trump's Oil Deal
Chevron has confirmed it will expand its operations in Venezuela as part of President Donald Trump's deal to develop the country's oil reserves. Energy Secretary Wright said the US is not taking any oil from Venezuela, but rather partnering with a commercial enterprise already operating in the country.
The deal involves a joint venture between the US and North American Blue Energy Partners, a company owned by Venezuelan businessman Alejandro Betancourt. The partnership aims to accelerate the development of 17 oil fields with reserves of 65 billion barrels.
Analysts are skeptical about the viability of the deal, citing the need for significant investment to revive Venezuela's oil industry. Critics also question whether acting President Delcy Rodriguez has the legal authority to grant the company a 100-year contract.