U.S. expects Chevron’s Venezuela operations to grow ‘quickly’
Energy Secretary Chris Wright said Thursday that he expects Chevron, still the only U.S. oil company operating in Venezuela, to increase its presence there in the immediate future.
“You’re probably going to see rapid growth in Chevron’s business there,” he said in an interview with Fox Business by host Maria Bartiromo. “You’re going to see Conoco and Exxon and dozens of other American companies immediately asking, ‘Hey, what constructive role can we play?
He continues: “But in the meantime, they are not going to sit idly by.”
Spokespeople for the $317 billion oil giant did not immediately respond to a request for comment.
Chevron has been cautious in charting the future of its operations in Venezuela after the U.S. military raid that toppled its leader Nicolás Maduro and killed 100 people, according to Venezuela’s interior minister. Chevron has a special license from the U.S. government to pump heavy Venezuelan crude, and the company is now responsible for a quarter of the country’s daily production.
Earlier this week, the company said it was focused on the safety and well-being of its employees and was acting in “full compliance with all applicable laws and regulations.”
For years, Chevron has maneuvered through intense economic and political turmoil to preserve its presence in Venezuela. Some of its employees have been imprisoned in disputes with Maduro’s government, and Chevron has also struggled to collect debts from the state oil sector.
The difficult political terrain proved too risky for other oil giants such as ExxonMobile and ConocoPhillips. Both companies left Venezuela after Maduro’s predecessor forced them to accept smaller stakes in Venezuelan projects without compensation nearly two decades ago.
President Donald Trump aims to own a stake in Venezuela’s vast oil wealth, as the United States increasingly dictates the country’s future in stunning bellicose behavior. In a two-hour interview with The New York Times published Thursday, Trump said the United States would rebuild Venezuela “in a very cost-effective way.”
“We’re going to use oil, and we’re going to take oil. We’re going to drive down oil prices, and we’re going to give money to Venezuela, which it desperately needs,” he told the Times. He added that US surveillance of the country could last for years.
The Trump administration announced Thursday that it would “indefinitely” control Venezuelan oil sales and deposit profits into U.S.-controlled accounts at major financial institutions.
Trump also said in a Truth social post Wednesday night that “Venezuela is going to buy ONLY American-made products, with the money they get from our new oil deal.” He listed future purchases of U.S.-made agricultural, medicinal and energy products.
Venezuela’s interim government offered a muted response to Thursday’s series of events. “We have taken a very clear position: Venezuela is open to energy relations that benefit all parties and where economic cooperation is clearly defined in commercial contracts,” said interim Venezuelan President Delcy RodrĂguez. “This is our position.”
