Chevron Set to Expand Operations in Venezuela with US-Backed Deal

US officials are expecting oil giant Chevron to announce an expansion of its operations in Venezuela, where it is the only major US oil company with a presence. According to a US official who briefed reporters on condition of anonymity, Chevron's officials and Energy Secretary Chris Wright will visit Venezuela on Wednesday to unveil the new investment.

The announcement comes after the White House confirmed that it is partnering with North American Blue Energy Partners (NABEP) as part of President Donald Trump's push to tap into Venezuela's oil industry. The deal would create a new company where the Pentagon would take a 35% ownership stake, and the State Department would have the right to buy 20% of the oil produced at cost.

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 could overturn the agreement.