Chevron Expands in Venezuela Amid Trump's Oil Industry Push

Chevron is set to expand its operations in Venezuela as part of President Donald Trump's efforts to tap into the country's oil industry. The U.S. energy giant will formally unveil a new investment plan on Wednesday, along with Energy Secretary Chris Wright.

The announcement comes after the White House confirmed it is partnering with North American Blue Energy Partners (NABEP) as part of its push to revive Venezuela's production. NABEP is already the second-largest operator in Venezuela and will create a new company where the Pentagon will take a 35% ownership stake.

Analysts have raised concerns about the deal, citing potential legal challenges and questions over legitimacy. The Venezuelan Constitution requires contracts with foreign governments to be approved by the National Assembly, which did not occur in this case.