Chevron Set to Expand Operations in Venezuela Amid US Energy Secrecy

US Energy Secretary Chris Wright is set to visit Venezuela, where Chevron plans to expand its operations. The announcement is expected tomorrow and comes after a historic oil agreement between the US and Venezuela was announced.

The deal gives the US a direct ownership stake in Venezuelan oil fields previously influenced by Chinese and Russian corporations. This strategic arrangement secures long-term US energy supplies, allows crude purchases at cost, and aims to anchor a Western Hemisphere-aligned economy in Venezuela.

The block of oil fields has an estimated 65 billion barrels of proven reserves, which is a fraction of Venezuela's total reserves, officials said. The deal runs through the Pentagon's Office of Strategic Capital and involves private corporate structures rather than direct state engagement.