President Donald Trump announced that American oil companies would invest in Venezuela to restore its oil production after Nicolás Maduro was captured by U. S. forces. Trump stated that major U. S. oil firms would spend billions to repair the country’s oil infrastructure and boost its economy. Currently, only Chevron operates in Venezuela, while Exxon Mobil and ConocoPhillips have historical ties to the region. The American Petroleum Institute is monitoring the situation for its potential impact on global energy markets.
Chevron, which exports roughly 150,000 barrels of crude oil daily to the U. S., emphasized its focus on employee safety and operating within legal regulations. Major oilfield service companies, including SLB, Baker Hughes, Halliburton, and Weatherford, did not provide comments immediately, and neither did Exxon and ConocoPhillips.
Analysts noted that Trump’s plans could face challenges due to inadequate infrastructure, which would require significant investment and time to develop. It may take tens of billions of dollars and at least a decade for improvements in the Venezuelan oil industry. Additionally, a U. S. embargo on Venezuelan oil is still enforced, with Trump stating that military forces would stay until American demands are fully met.
With information from Reuters