Chevron Eyes Expansion as Trump Administration Seeks Venezuelan Oil Growth

US Energy Secretary Chris Wright is set to visit Venezuela in the coming days as Chevron plans an expansion of its operations in the country. This development comes after the Trump administration reached 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 noted that Venezuela has roughly twice the amount of proven reserves outside these fields, and additional oil resources could attract more investment. The new agreements aim to ensure that oil revenues benefit Venezuela rather than foreign governments or individuals connected to the previous government.

The Trump administration has stated that NABEP plans to invest up to $100 billion in new oil infrastructure in Venezuela, with the US holding a 35% equity stake in the company's corporate parent. The administration seeks to increase Venezuela's oil production while reducing the influence of countries like China and Russia in the sector.