Chevron Expands Operations in Venezuela Amid US Government Support

US President Donald Trump's administration is set to announce a major expansion of Chevron's operations in Venezuela, a move that could be seen as a step towards reviving the country's oil industry. The news comes just days after Trump revealed an ambitious deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.

Chevron is planning to expand its presence in Venezuela through a new partnership with North American Blue Energy Partners (NABEP), which would see the Pentagon take a 35% ownership stake in the company. The US government will not be investing money in the venture, but its backing is expected to help attract investment and ramp up production.

The deal has been met with skepticism from analysts, who say it will take years for Venezuela's oil industry to recover. They have questioned whether President Delcy Rodríguez has the legal authority to grant 100-year rights over 17 oil fields with reserves of 65 billion barrels.