Chevron, the second-largest U.S. oil company, is planning to expand its operations in Venezuela, a country with estimated reserves of 65 billion barrels of oil. This announcement follows a controversial deal signed between the Trump administration and Venezuela’s acting President Delcy Rodríguez, granting a private partner 100-year rights over 17 oil fields. The Pentagon will take a 35% stake in the newly created company, while the State Department will have the right to purchase 20% of the oil produced at cost. The private partner, North American Blue Energy Partners, is owned by Venezuelan businessman Alejandro Betancourt, who has faced criminal investigations for alleged money laundering in Spain and Switzerland, though no formal charges were ever filed. Analysts have raised doubts about the deal’s legality under Venezuelan law and the timeline needed to revive the country’s oil production.
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