Chevron Expands Venezuelan Operations Amid Trump Administration Push

Chevron is set to expand its operations in Venezuela as part of the Trump administration's push into the country's vast oil sector. The US official told the Associated Press that Chevron officials and Energy Secretary Chris Wright are expected to travel to Venezuela on Wednesday, where the company's new investment will be formally announced.

The agreement gives Chevron 100-year concessions to operate 17 Venezuelan oil fields containing approximately 65 billion barrels of proven reserves, according to Reuters. Steve Hanke, a Johns Hopkins University professor of applied economics who previously advised former Venezuelan President Rafael Caldera, questioned the legitimacy of the deal, stating that 'Caracas is a sunny place inhabited by shady characters' and that 'we do not know whether they are parties to the deal or to possible side deals.'

The Trump administration has pursued a three-phase plan for Venezuela, which includes rebuilding its battered energy infrastructure. Chevron's presence in Venezuela has persisted through years of shifting US policy toward the country's oil industry.