Chevron Expands in Venezuela Amidst Trump-Led Oil Sector Push
Chevron is set to expand its operations in Venezuela amidst a broader US push into the country's oil sector. According to a US official, Chevron executives and Energy Secretary Chris Wright are expected to visit Venezuela on Wednesday to announce a new investment.
The move follows President Donald Trump's announcement of a partnership with North American Blue Energy Partners (NABEP) to develop Venezuela's oil reserves. Under the agreement, the Pentagon would hold a 35% stake in the company, and the State Department could buy up to 20% of the oil produced at cost.
NABEP is owned by Venezuelan businessman Alejandro Betancourt, who has faced criminal investigations over alleged money laundering in Spain and Switzerland. However, the White House defended its decision to work with Betancourt, saying he had been vetted and that 'no US laws were violated.'