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Chevron poised to expand Venezuelan oil operations, U.S. official says

Energy Secretary Chris Wright and company representatives are scheduled to visit Venezuela to announce new investments.

Updated Sep 1, 2026 · 19:34 UTC3 reports

The short version

  • Chevron plans to expand its oil operations in Venezuela, according to an unnamed U.S. official.
  • U.S. Energy Secretary Chris Wright and Chevron executives are scheduled to travel to Venezuela to officially present the investment.
  • The move follows a broader U.S. push to access Venezuela's oil sector, including a recently confirmed partnership with North American Blue Energy Partners.
  • Analysts caution that operational, legal, and political hurdles could complicate efforts to rapidly restore Venezuelan oil production.

Key facts

  • An anonymous U.S. official stated that Chevron will soon announce an expansion of its oil operations in Venezuela.[ABC News · Associated Press · PBS NewsHour]
  • U.S. Energy Secretary Chris Wright and Chevron executives are expected to visit Venezuela to formally introduce the new investment.[ABC News · Associated Press · PBS NewsHour]
  • Chevron is the second-largest oil company in the United States and the only major American producer currently operating in Venezuela.[ABC News · Associated Press · PBS NewsHour]
  • The White House confirmed a partnership with North American Blue Energy Partners (NABEP) under President Donald Trump to engage in Venezuela's energy sector.[ABC News · Associated Press · PBS NewsHour]
  • The NABEP deal outlines a joint company giving the Pentagon a 35% stake and granting the State Department an option to purchase 20% of output at cost, without direct U.S. capital investment.[PBS NewsHour]

What remains uncertain

  • Analysts express skepticism over how quickly Venezuelan output can recover and question the legal standing of acting President Delcy Rodríguez to grant century-long rights over 17 oil fields.[PBS NewsHour]
  • The exact scope, financial terms, and timeline of Chevron's upcoming investment expansion have not yet been publicly disclosed.[ABC News · PBS NewsHour]

Sources