Chevron Eyes Venezuela Expansion as US Partners with NABEP on Oil Deal

The US government is partnering with North American Blue Energy Partners (NABEP) to tap into Venezuela's oil industry, as part of President Donald Trump's push to develop the country's oil reserves. Chevron, the second-largest US oil company, is planning to expand its operations in Venezuela and formally unveil a new investment on Wednesday.

The deal between NABEP, owned by Venezuelan businessman Alejandro Betancourt, and the US government would create a new company where the Pentagon would take a 35% ownership stake. The State Department would also have the right to buy 20% of the oil produced at cost.

However, analysts have questioned whether Venezuela's acting President Delcy Rodríguez has the legal authority to give NABEP 100-year rights over 17 oil fields with reserves of 65 billion barrels. They also worry that future Venezuelan or American administrations may overturn the agreement.