- Chevron CEO Mike Wirth stated that very strong legal terms are in place to protect its investment in Venezuela.
- Chevron is investing $7 billion in Venezuela over the next five years.
- President Donald Trump has called the deal granting the US control of strategic Venezuelan oil fields "the biggest in history".
- North American Blue Energy Partners (Nabep) will oversee the production and sale of 17 oil fields containing about 65 billion barrels of crude.
- Delcy Rodríguez, the interim president of Venezuela, defended Betancourt amid the deal.
- Leopoldo Alejandro Betancourt López was born in Caracas in February 1980 and has a history of doing business with the Venezuelan government since the time of the late President Hugo Chávez.
- In 2009, Betancourt's firm Derwick Associates received $5 billion in no-bid contracts during an electricity crisis.
- In 2013, former US ambassador Otto Reich filed a lawsuit against Betancourt for alleged bribery, which was dismissed in 2018.
- In the mid-2010s, Betancourt expanded internationally by acquiring a stake in the Spanish sunglasses company Hawkers.
- In 2019, Betancourt was involved in a failed attempt to oust Maduro, leading to retaliation against him.
- In 2025, Betancourt was detained twice by British police, and Spanish authorities raided his castle linked to a Swiss money laundering probe.
- In late 2025, US authorities urged Switzerland to drop an extradition request against Betancourt, and a travel ban was lifted in May.
Chevron CEO Mike Wirth stated that the company is set to invest $7 billion in Venezuela over the next five years, emphasizing the strong legal protections in place for their investment. This announcement comes as the U.S. moves forward with a deal to control strategic Venezuelan oil fields, which President Donald Trump has described as 'the biggest in history.'123
The deal involves North American Blue Energy Partners (Nabep), which will manage the production and sale of 17 oil fields containing approximately 65 billion barrels of crude oil. This significant investment marks a shift in U.S.-Venezuela relations, as Chevron aims to capitalize on the country's vast oil reserves amidst ongoing economic challenges.4
Wirth's confidence in the investment is bolstered by the legal framework established to safeguard Chevron's interests, a crucial factor given Venezuela's turbulent political landscape. The deal is expected to enhance U.S. energy security while providing much-needed revenue to the Venezuelan economy, which has been struggling under sanctions and mismanagement.
As the situation evolves, the implications of this investment could reshape the dynamics of oil production in Venezuela and the broader geopolitical landscape in the region.
“The deal grants US control of strategic Venezuelan oil fields, with Nabep overseeing 17 fields containing about 65bn barrels. Betancourt, the oil baron behind the deal, has a history of legal scrutiny, including investigations in five countries, but has never been convicted.”
BBC
