Chevron Expands Operations in Venezuela Amid Trump's Oil Push

Oil giant Chevron is expanding its operations in Venezuela, according to a U.S. official.

The expansion comes after President Donald Trump announced an ambitious deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.

Chevron will formally unveil its new investment on Wednesday, when company officials and Energy Secretary Chris Wright are expected to visit Venezuela.

The deal with North American Blue Energy Partners (NABEP) has been met with skepticism from analysts, who say it will take years to revive Venezuela's production.