Oil giant Chevron is expected to announce it will expand operations in Venezuela, US official says

Oil major Chevron is on the verge of announcing plans to expand its operations in Venezuela, according to a U.S. official who spoke on Tuesday. The official, who spoke on condition of anonymity due to White House guidelines, revealed that Chevron officials and Energy Secretary Chris Wright are set to travel to Venezuela on Wednesday to formally announce the investment.

This move comes after the White House confirmed on Monday its collaboration with North American Blue Energy Partners, as part of President Donald Trump's initiative to capitalize on Venezuela's oil sector. Chevron, the second-largest U.S. oil company, currently holds a major stake in Venezuela's oil industry.