Chevron Expands Venezuelan Operations Amid New Oil Agreements
US Energy Secretary Chris Wright is set to travel to Venezuela in the coming days as Chevron prepares to announce an expansion of its operations in the country.
The development comes after the Trump administration unveiled a major oil agreement with North American Blue Energy Partners (NABEP), a privately held Venezuelan oil producer, covering 17 oil fields with 65 billion barrels of proven reserves.
According to Secretary of State Marco Rubio, Venezuela has roughly twice that amount in proven reserves outside the fields covered by the agreement.
The new agreements are intended to ensure that oil revenues benefit Venezuela rather than foreign governments or individuals connected to the previous government.
Rubio contrasted the new arrangements with Venezuela's previous oil deals under former President Nicolas Maduro, saying Cuba received between $40 billion and $64 billion worth of Venezuelan oil for free or at heavily subsidized prices, while China received discounts of up to $21 per barrel compared with Brent prices.