Washington: Major U.S. oil companies have maintained a cautious stance following claims by U.S. leaders that they are preparing significant investments to rejuvenate Venezuela's oil production sector after the U.S. military intervention and the detention of the Venezuelan leader.
According to Thai News Agency, Chevron, the sole U.S. oil company still operating in Venezuela, emphasized its commitment to the safety and well-being of its employees, along with the security of its assets in the country. The company stated it would continue its operations in compliance with all applicable laws and regulations. Meanwhile, ExxonMobil, the largest U.S. oil company, refused to comment, and ConocoPhillips, another major player, indicated it is observing the situation and deemed it premature to speculate on future business ventures or investments.
In various interviews and press briefings at his Mar-a-Lago residence, following the military operation that resulted in the ousting of Venezuelan President Nicol¡s Maduro on January 3, President Donald Trump affirmed that the United States planned to develop and exploit Venezuela's vast crude oil reserves, potentially the largest globally. He mentioned that major U.S. oil companies were expected to invest substantially in upgrading the aging infrastructure, boosting production capacity, and exporting significant volumes of oil to international markets.
Historically, the Venezuelan government nationalized its oil industry nearly five decades ago, continuing to exert control under a revised agreement in 2007. Chevron was the only U.S. company to comply with this new deal, while ExxonMobil and ConocoPhillips withdrew from the country, subsequently pursuing legal action for damages. Although the World Bank's International Centre for Settlement of Investment Disputes ruled in their favor, they have not yet received compensation from Venezuela.
The Guardian newspaper in the UK, referencing the Energy Institute, noted that Venezuela holds approximately 17 percent of the world's oil reserves. However, production has drastically decreased from 3.5 million barrels per day in the 1970s to a projected 1 million barrels per day by 2025, accounting for just 1 percent of global production, due to poor management, corruption, and lack of investment.