Chevron Set to Expand Venezuela Operations Amid Skeptical Reactions

US oil giant Chevron is set to expand its operations in Venezuela after it was revealed that company officials and Energy Secretary Chris Wright are expected to visit the country on Wednesday to unveil a new investment. The announcement comes as part of President Donald Trump's push to tap into Venezuela's oil industry, with the White House partnering with North American Blue Energy Partners (NABEP) to revive production.

The agreement has been met with skepticism from analysts who say it will take years to revive Venezuela's production and question whether acting President Delcy Rodríguez has the legal authority to grant 100-year rights over 17 oil fields with reserves of 65 billion barrels. The deal between NABEP and the US government 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.

While the US administration defends its decision to partner with Venezuelan businessman Alejandro Betancourt, who has faced criminal investigations for alleged money laundering in Spain and Switzerland, it is worth noting that the company claims no U.S. laws were violated during the vetting process. The US government is not investing money in the new company but will help attract investment by providing backing.