Chevron to Expand Operations in Venezuela Amid US-Pentagon Partnership
US oil giant Chevron is set to announce an expansion of its operations in Venezuela, according to a US official.
The move comes just days after President Donald Trump announced a deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.
Chevron will reportedly unveil its new investment on Wednesday during a visit by company officials and Energy Secretary Chris Wright, who has been involved in negotiations with Venezuelan authorities.
The partnership between North American Blue Energy Partners (NABEP) and the US government has raised concerns among analysts, who question whether Venezuela's acting President Delcy Rodríguez has the legal authority to grant 100-year rights over 17 oil fields with reserves of 65 billion barrels.