Chevron Expands Operations in Venezuela Amid US Efforts to Boost Oil Production
US Energy Secretary Chris Wright will travel to Venezuela in the coming days as Chevron is set to expand its operations there.
The expansion would increase Chevron's productive capacity in Venezuela, with the Trump administration seeking to attract more US private-sector investment to the country's oil industry.
Venezuela has significant additional oil resources that could attract further investment, according to Rubio. The country has roughly twice as much proven reserves outside of the fields covered by a recent agreement between the US and Venezuelan oil producer North American Blue Energy Partners (NABEP).
The new agreements aim to ensure that oil revenues benefit Venezuela rather than foreign governments or individuals connected to the previous government, which had given away Venezuelan oil at heavily subsidized prices.