Chevron Expands Operations in Venezuela Amid US-Led Oil Industry Push

Oil giant Chevron is set to expand its operations in Venezuela, according to a US official. The announcement comes after the White House confirmed it will partner with North American Blue Energy Partners (NABEP) as part of President Donald Trump's push to tap into Venezuela's oil industry.

The deal would see NABEP create a new company, where the Pentagon would take a 35% ownership stake and the State Department would have the right to buy 20% of the oil produced at cost. Chevron is expected to visit Venezuela on Wednesday to formally unveil its new investment.

Analysts 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.

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