Chevron Set to Deepen Presence in Venezuela Amid Energy Dominance Drive

American energy company Chevron is set to expand its presence in Venezuela after US Energy Secretary Chris Wright landed in Caracas. Chevron, the only major American producer that has stayed in Venezuela since Hugo Chávez's nationalization of the industry in 2007, will unveil fresh investment alongside Wright.

The agreement, which was approved by Venezuela's National Assembly, includes a new company called North American Blue Energy Partners (NABEP) that will hold 100-year rights to 17 fields with an estimated 65 billion barrels. The US Department of War's Office of Strategic Capital will take a 35% stake in the venture, while the US State Department can buy 20% of output at production cost.

Analysts are skeptical about reviving oil output quickly, estimating it could take one to ten years for new barrels to reach the market. US President Donald Trump has suggested that other American companies will follow Chevron's lead, but Exxon has not changed its stance on investing in Venezuela.