Chevron Expands Operations in Venezuela Amid US-Led Energy Push

US oil giant Chevron is set to expand its operations in Venezuela, marking a significant development in the country's energy sector. The company will be formally unveiling its new investment in Venezuela on Wednesday, according to a US official.

Chevron's officials and Energy Secretary Chris Wright are expected to visit Venezuela for the announcement. This move comes after President Donald Trump announced an ambitious deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.

The agreement 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 grant 100-year rights over 17 oil fields with reserves of 65 billion barrels.