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

Oil giant Chevron is projected to.

Key points

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Oil giant Chevron is projected to announce it will expand operations in Venezuela, U.S. Official states. By: Aamer Madhani, Associated Press – September 1, 2026.

Meanwhile, an oil tanker is anchored in Lake Maracaibo in Cabimas, Venezuela, Monday, Aug. 31, 2026. (AP Photo/Ariana Cubillos).

Chevron is the second-largest U.S. Oil firm and the only one with a major presence in Venezuela.

WASHINGTON (AP) – Oil giant Chevron is projected to shortly announce it will expand operations in Venezuela, a U.S. Official noted Tuesday.

For context, the official, who briefed reporters on the projected announcement, stated that the company's authorities and Energy Secretary Chris Wright are anticipated to visit Venezuela on Wednesday where the new investment will be formally unveiled. The official spoke under condition of anonymity under ground rules set by the White House for the call.

Chevron is the second-largest U.S. Oil firm and the only one with a major presence in Venezuela. Chevron did not immediately respond to a request for comment.

For context, the announcement comes after the White House confirmed on Monday it is partnering with North American Blue Energy Partners (NABEP) as part of President Donald Trump 's push to tap into Venezuela's oil industry.

For context, the sweeping agreement has been met with skepticism from analysts who say it will take years to revive Venezuela's production. They have questioned whether Venezuela's acting President Delcy Rodríguez has the legal authority to offer the business 100-year rights over 17 oil fields with reserves of 65 billion barrels – and whether future Venezuelan or American administrations would overturn the agreement.

NABEP, owned by Venezuelan businessman Alejandro Betancourt, is already the second largest operator in Venezuela. The accord with the U.S. Administration would create a new firm, where the Pentagon would take a 35% ownership stake, and the State Department would have the right to purchase 20% of the oil produced at cost.

Meanwhile, the U.S. Administration sought to defend its decision to partner with Betancourt. This person has faced criminal investigations for alleged funds laundering in Spain and Switzerland, according to multiple media reports. No formal charges were ever filed. According to The official, betancourt was vetted and the administration identified that "no U.S. Laws were violated."

Meanwhile, the U.S. Administration is not investing capital in the new firm, the official remarked to journalists, but its backing will support the business attract investment to ramp up production. Regarding the Author(s). Aamer Madhani, Associated Press. News Gary Fields, Associated Press August 10, 2026. Washington grapples with a National Guard deployment extended until 2029.

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Taken together, the developments around oil giant Chevron is expected to announce it will expand operations in point to a situation that is still moving, and the coming days should bring more clarity.