Key Facts

• Chevron, the second-largest U.S. oil company, is the only major U.S. company with a big presence in Venezuela.
• Chevron officials and U.S. Energy Secretary Chris Wright plan to visit Venezuela to unveil the new investment.
• The U.S. government is partnering with North American Blue Energy Partners (NABEP), owned by Venezuelan businessman Alejandro Betancourt.
• The partnership will create a new company with the Pentagon owning 35% and the U.S. State Department having the right to buy 20% of the produced oil at cost.
• Some experts doubt Venezuela’s acting President Delcy Rodríguez has the authority to grant 100-year rights over oil fields with 65 billion barrels.
• There are concerns whether future governments in Venezuela or the U.S. could cancel the agreement.
• Betancourt has been investigated in the past for alleged money laundering, but no charges were filed, and the U.S. says no laws were broken.
• The U.S. government is not putting money into the new company but will support it to help attract investors to increase oil production.