Chevron Seals Deal with NABEP to Expand Operations in Venezuela

US energy giant Chevron is set to expand its operations in Venezuela after reaching an agreement with the North American Blue Energy Partners (NABEP), a private entity, as part of President Donald Trump's push to tap into the country's oil industry. The deal will see the Pentagon take a 35% ownership stake in the new company, while the State Department will have the right to buy 20% of the oil produced at cost.

The agreement has been met with skepticism from analysts who say it will take years to revive Venezuela's production and question whether the acting President Delcy Rodríguez has the legal authority to give Chevron 100-year rights over 17 oil fields with reserves of 65 billion barrels. US officials have defended the decision, saying that NABEP was vetted and no U.S. laws were violated.

The Trump administration is aiming to maintain stability in Venezuela as it helps the country transition following decades of autocratic rule. The deal is seen as a step towards democracy for Venezuelans, with the US government wanting elections to happen as quickly as possible.