Chevron Expands Venezuelan Oil Operations Amid US Policy Push

Chevron, the second-largest oil company in the US, is reportedly planning to expand its operations in Venezuela. According to a U.S. official who spoke on condition of anonymity under White House rules, Chevron representatives and U.S. Energy Secretary Chris Wright are expected to visit Venezuela on Wednesday to officially present new investments.

The move comes after the White House confirmed a partnership with North American Blue Energy Partners (NABEP) as part of U.S. President Donald Trump's policy to develop Venezuela's oil sector. Analysts, however, are skeptical about this large-scale agreement, noting that restoring oil production in Venezuela could take years.

The agreement with NABEP provides for the creation of a new company in which the Pentagon will hold a 35% stake, while the U.S. State Department will have the right to buy 20% of the oil produced at cost. The deal also grants NABEP rights for 100 years to 17 oil fields with reserves of 65 billion barrels.