US firms expand Venezuela oil operations

The Trump administration has announced a sweeping agreement to develop Venezuela's oil reserves, partnering with North American Blue Energy Partners (NABEP) and granting the Pentagon a 35% ownership stake in a new company, with the State Department holding rights to buy 20% of production at cost. NABEP, controlled by Venezuelan businessman Alejandro Betancourt López, will take over 14 oilfields previously operated by Chinese and Russian companies, displacing those interests. Chevron, the only major U.S. oil company with a presence in Venezuela, is expected to announce an expansion of its operations, with executives and Energy Secretary Chris Wright visiting Venezuela to formalize the investment. The deal has been met with skepticism from analysts who question the legal authority of acting President Delcy Rodríguez to grant 100-year rights over 17 oil fields with reserves of 65 billion barrels, and whether future administrations will uphold it. The agreement follows the January military operation that captured Nicolás Maduro and brought him to the U.S. to face narcoterrorism charges. The Trump administration aims to reduce reliance on Middle East oil and bring Venezuela's reserves closer to U.S. interests, while also pushing for elections and stability in Venezuela.