Chevron Expansion in Venezuela Announced Amid US Investment Surge
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 move comes after Washington 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.
Rubio said Venezuela has roughly twice that amount in proven reserves outside the fields covered by the agreement, adding that the country has significant additional oil resources that could attract additional investment.
The new agreements are intended to ensure that oil revenues benefit Venezuela rather than foreign governments or individuals connected to the previous government. The Trump administration is seeking to bring Venezuela's oil production back up while reducing the influence of countries such as China and Russia in the sector.