Chevron Expands in Venezuela Amid Controversial US Partnership

Oil giant Chevron is expanding its operations in Venezuela, according to a U.S. official. The company's officials and Energy Secretary Chris Wright are expected to visit the country on Wednesday to unveil the new investment.

The announcement comes after President Donald Trump's ambitious deal to develop Venezuela's oil reserves was announced earlier this week. As part of the agreement, North American Blue Energy Partners (NABEP) will partner with the U.S. government to tap into Venezuela's oil industry.

NABEP is already the second-largest operator in Venezuela and will create a new company where the Pentagon takes a 35% ownership stake and the State Department has the right to buy 20% of the oil produced at cost.