Chevron is expected to announce on Wednesday the expansion of its operations in Venezuela, at a time when the United States Secretary of Energy, Jennifer Granholm, arrives in Caracas for an official visit. This trip marks a significant step in the reapprochement between the two countries.
The expansion of Chevron's operations comes after the Venezuelan parliament approved the handover to the United States of one-fifth of the country's oil reserves. This decision was approved by the National Assembly, controlled by the governing party, and represents a strategic concession by the government of Nicolás Maduro.
The American oil company has operated in Venezuela since 1920 and holds stakes in three heavy crude production projects in the Orinoco basin. The rapprochement between the two countries has been developing gradually, with the easing of sanctions by Washington as part of diplomatic negotiations.
