Chevron Expands Operations as US Partners with North American Blue Energy to Tap Venezuela's Oil Reserves

The US government is partnering with North American Blue Energy Partners (NABEP) to develop Venezuela's oil reserves, with Chevron planning to expand its operations in the country. The agreement would see the Pentagon take a 35% ownership stake and the State Department have the right to buy 20% of the oil produced at cost.

NABEP is owned by Venezuelan businessman Alejandro Betancourt, who has faced criminal investigations for alleged money laundering in Spain and Switzerland. However, a US official said that Betancourt was vetted and no U.S. laws were violated.

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