Chevron Set to Expand Venezuelan Operations Amid Trump-Backed Deal

US oil giant Chevron is set to expand its operations in Venezuela, according to a US official. The company's officials and Energy Secretary Chris Wright are expected to visit Venezuela on Wednesday to unveil the new investment.

Chevron is the second-largest US oil company with a major presence in Venezuela. This announcement comes after the White House confirmed 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 has been met with skepticism from analysts, who say it will take years to revive Venezuela's production. They 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 US administration sought to defend its decision to partner with Betancourt, who has faced criminal investigations for alleged money laundering in Spain and Switzerland. However, the official said that 'no US laws were violated' and that Betancourt was vetted before being chosen as a partner.