Chevron is expanding in Venezuela as Trump pushes U.S. oil companies back into the country with 65 billion barrels up for grabs

Chevron, the second-largest U.S. oil company, is set to expand its operations in Venezuela, according to a U.S. official. This comes just days after President Donald Trump announced a deal to develop the nation's oil reserves and grant the Pentagon a stake in the profits. The official briefed reporters on Tuesday said Chevron's officials and Energy Secretary Chris Wright are expected to visit Venezuela on Wednesday to formally unveil the new investment.

Chevron is the only major U.S. oil company with a presence in Venezuela. The deal is part of President Trump's push to tap into Venezuela's oil industry, which has been met with skepticism from analysts. The White House confirmed on Monday that it is partnering with North American Blue Energy Partners (NABEP) in the agreement. The deal would give Chevron the rights to 17 oil fields with reserves of 65 billion barrels.

However, the agreement has raised questions about whether Venezuelan acting President Delcy Rodríguez has the legal authority to grant such rights and whether future administrations would overturn it. The U.S. government is not investing money in the new company but aims to help it attract investment to boost production. The Pentagon's role in the deal is through its Office of Strategic Capital, which has made similar deals since Trump took office.