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Tuesday, September 1, 2026 · UTC
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Chevron Plans Venezuela Oil Expansion Amid Trump Administration Deal

Chevron executives plan to travel to Venezuela to formalize a new oil investment following a Trump administration agreement.

TruthFoundry News Desk
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Stands on 12 placed sources from 4 publishers.
As of 2026-09-01 20:22 UTC. Market figures are as the cited sources reported them at that time and may have moved since. This is news, not investment advice.
A US official confirmed on Tuesday that Chevron plans to expand its operations in Venezuela following an announcement by President Donald Trump regarding an agreement to develop oil reserves and grant the Pentagon a share of profits. [1] North American Blue Energy Partners (NABEP), a Barbados-based company led by Alejandro Betancourt, obtained an agreement with the United States to jointly exploit more than 20% of Venezuela's oil reserves. [2] The Trump administration announced a deal granting North American Blue Energy Partners (NABEP) 100-year rights to operate 17 oil fields in Venezuela with proven reserves of 65 billion barrels. [3] The Wall Street Journal reports that the Trump deal is very likely in direct conflict with Venezuela's 1999 constitution, which states that the country's oil reserves belong to the Bolivarian Republic of Venezuela. [4] An anonymous US official stated that Chevron executives and Energy Secretary Chris Wright will travel to Venezuela on Wednesday to formalize the new investment. [5] Analysts have expressed skepticism about the deal, warning that production recovery will take years and questioning if interim President Delcy Rodríguez has the legal authority to grant 100-year rights over 17 fields containing 65 billion barrels in reserves. [6] The agreement includes the creation of a new company where the Pentagon will hold a 35% stake and the Department of State will be able to purchase 20% of the produced oil at cost. [7] The agreement was signed by US Secretary of State Marco Rubio and Secretary of War Pete Hegseth. [8] The Pentagon's Office of Strategic Capital will hold a 35% stake in NABEP's operating matrix at no cost to US taxpayers. [9] The US State Department will have preferential access to 20% of NABEP's production at cost price. [10] NABEP, owned by Venezuelan businessman Alejandro Betancourt, is the second-largest oil operator in Venezuela behind Chevron. [11] The Pentagon's Office of Strategic Capital will receive a 35 percent ownership stake in the new joint venture. [12]
What this stands on
  1. A US official confirmed on Tuesday that Chevron plans to expand its operations in Venezuela following an announcement by President Donald Trump regarding an agreement to develop oil reserves and grant the Pentagon a share of profits. · Finanzas Digital
  2. North American Blue Energy Partners (NABEP), a Barbados-based company led by Alejandro Betancourt, obtained an agreement with the United States to jointly exploit more than 20% of Venezuela's oil reserves. · El Universal
  3. The Trump administration announced a deal granting North American Blue Energy Partners (NABEP) 100-year rights to operate 17 oil fields in Venezuela with proven reserves of 65 billion barrels. · Al Jazeera
  4. The Wall Street Journal reports that the Trump deal is very likely in direct conflict with Venezuela's 1999 constitution, which states that the country's oil reserves belong to the Bolivarian Republic of Venezuela. · salon.com
  5. An anonymous US official stated that Chevron executives and Energy Secretary Chris Wright will travel to Venezuela on Wednesday to formalize the new investment. · Finanzas Digital
  6. Analysts have expressed skepticism about the deal, warning that production recovery will take years and questioning if interim President Delcy Rodríguez has the legal authority to grant 100-year rights over 17 fields containing 65 billion barrels in reserves. · Finanzas Digital
  7. The agreement includes the creation of a new company where the Pentagon will hold a 35% stake and the Department of State will be able to purchase 20% of the produced oil at cost. · Finanzas Digital
  8. The agreement was signed by US Secretary of State Marco Rubio and Secretary of War Pete Hegseth. · El Universal
  9. The Pentagon's Office of Strategic Capital will hold a 35% stake in NABEP's operating matrix at no cost to US taxpayers. · El Universal
  10. The US State Department will have preferential access to 20% of NABEP's production at cost price. · El Universal
  11. NABEP, owned by Venezuelan businessman Alejandro Betancourt, is the second-largest oil operator in Venezuela behind Chevron. · Al Jazeera
  12. The Pentagon's Office of Strategic Capital will receive a 35 percent ownership stake in the new joint venture. · Al Jazeera
We could not place any of them by their address. None is an official body: that part stands on reporting, not on the underlying document or transcript.
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