Chevron and NABEP announce major oil investment plans in Venezuela

Chevron has identified Venezuela as a top investment priority, planning to invest approximately $7 billion over the next five years. According to Chief Financial Officer Eimear Bonner, the decision is driven by high crude reserves, low operating costs, and competitive returns. The company aims to double its production, targeting nearly 600,000 barrels per day, and expects to unlock roughly 9 billion barrels of commercial reserves.

Simultaneously, a major deal involving NABEP, led by Alejandro Betancourt, has secured 100-year rights to develop 17 oil fields in Venezuela containing an estimated 65 billion barrels of reserves. Under this agreement, the U.S. Department of Defense's Strategic Capital Office will hold a 35% stake in a NABEP subsidiary, with Washington also retaining the right to purchase 20% of production at cost. NABEP intends to invest up to $100 billion in infrastructure to increase daily production from 200,000 barrels to over 1 million. Donald Trump has characterized the arrangement as ‘the biggest oil deal in history,’ noting it could provide Venezuela with approximately $200 billion in tax and royalty revenue over its first 25 years.