Chevron Set to Expand Venezuela Operations Amid Trump's Oil Push
US oil giant Chevron is expected to announce an expansion of its operations in Venezuela. The move comes after President Donald Trump announced a deal to develop the nation's oil reserves and give the Pentagon a stake in the profits. According to a US official, Chevron officials and Energy Secretary Chris Wright are set to visit Venezuela on Wednesday to formally unveil the new investment.
Chevron is the second-largest US oil company and has been present in Venezuela since the nationalization of the industry in 2007. The deal with North American Blue Energy Partners (NABEP) would give the Pentagon a 35% ownership stake in the new company, while 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. The agreement also faces potential challenges from US and Venezuelan law, as it would need approval from both countries' governments.