Chevron Expands Operations in Venezuela Amid Trump's Oil Reserve Deal

US oil giant Chevron is set to announce its plans to expand operations in Venezuela, as part of President Donald Trump's ambitious deal to develop the country's oil reserves. The expected announcement comes just days after Trump revealed a partnership with North American Blue Energy Partners (NABEP) to tap into Venezuela's oil industry.

The White House confirmed on Monday that it is partnering with NABEP as part of Trump's push to revive Venezuela's production, which has been struggling due to decades of autocratic rule and economic crisis. The deal would see the Pentagon take a 35% ownership stake in the new company, while the State Department would have the right to buy 20% of the oil produced at cost.

Chevron is the second-largest US oil company and the only major player with a presence in Venezuela. The company's officials and Energy Secretary Chris Wright are expected to visit Venezuela on Wednesday to formally unveil the new investment. The announcement has been met with skepticism from analysts, who say it will take years to revive Venezuela's production.