Chevron Expands Operations in Venezuela Amid US Government Partnership

US oil giant Chevron is planning to expand its operations in Venezuela, according to a US official. The announcement comes just days after President Donald Trump unveiled an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.

The White House confirmed on Monday it is partnering with North American Blue Energy Partners (NABEP) as part of Trump's push to tap into Venezuela's oil industry. NABEP, owned by Venezuelan businessman Alejandro Betancourt, would create a new company where the Pentagon would take a 35% ownership stake.

The US administration sought to defend its decision to partner with Betancourt, who has faced criminal investigations for alleged money laundering in Spain and Switzerland. However, the official said that 'no U.S. laws were violated' during the vetting process.

Chevron is the only major American oil company actively operating in Venezuela since the nationalization of the industry by President Hugo Chávez in 2007. The Trump administration wants to increase stability and democracy in the country, but analysts have questioned whether the deal will be effective in reviving production.