Chevron Expands Venezuela Operations Amid Partnership Deal
Oil giant Chevron is set to expand its operations in Venezuela after announcing a partnership with North American Blue Energy Partners (NABEP) under President Donald Trump's initiative to access the country's oil resources.
The U.S. government has confirmed that Chevron, the second-largest U.S. oil company overall, will be joined by NABEP in the new venture, which includes provisions for a new company with the Pentagon holding a 35% ownership stake and the State Department retaining the right to purchase 20% of produced oil at cost.
The agreement is expected to help attract further investment and scale production. U.S. officials have clarified that the government is not directly investing money in the new company, but its backing is anticipated to facilitate growth.
Alexander Betancourt, Venezuelan businessman and owner of NABEP, has faced criminal investigations abroad but was vetted and cleared by the U.S. administration before participating in this partnership.