Chevron Set to Expand Operations in Venezuela Amid US Oil Industry Push

US officials have announced that Chevron is expected to expand its operations in Venezuela, marking a significant development in President Donald Trump's plan to tap into the country's oil industry. According to a US official, Chevron will formally unveil its new investment in Venezuela on Wednesday, with Energy Secretary Chris Wright and company officials set to visit the country.

The deal comes after the White House confirmed its partnership with North American Blue Energy Partners (NABEP), a private entity led by Venezuelan businessman Alejandro Betancourt. The agreement gives the Pentagon a 35% ownership stake in the new company, with the State Department having the right to buy 20% of the oil produced at cost.

Analysts have questioned the legitimacy of the deal, citing concerns over Venezuela's acting President Delcy Rodríguez's authority to grant 100-year rights over 17 oil fields with reserves of 65 billion barrels. The US administration has defended its decision to partner with Betancourt, who has faced criminal investigations in Spain and Switzerland.