"Sen. Edward Markey (D-Mass.), on Tuesday implored Chevron CEO Mike Wirth to provide details about its involvement in Trump's plans for Venezuela, including any communications it had before U.S. military operations began there. "The American people deserve to know whether and, if so, how Chevron participated in President Trump's extra-constitutional military operation, and whether Chevron is promoting our country's involvement in regime change and global destabilization for its own financial gain," Markey said in a letter."
"The big picture: Venezuela may have the world's largest proven crude oil reserves, estimated at more than 300 billion barrels, which is roughly 17% of the global total. But production is currently around or below one million barrels per day, less than 1% of global supply, after years of underinvestment, mismanagement, and sanctions. Exxon and ConocoPhillips left the nationalized sector around two decades ago in a dispute with then-President Hugo Chávez's regime."
U.S. oil majors face obstacles to re-entering Venezuela because of legal, fiscal, and security uncertainties, modest prices, and other investment options. A meeting is expected to include representatives from Chevron, Exxon and ConocoPhillips, though the companies have disclosed little about potential plans. Senator Edward Markey requested details from Chevron and sent similar letters to Exxon and ConocoPhillips, seeking information about communications and involvement related to U.S. military operations. Chevron is the only U.S. producer holding a special U.S. license in Venezuela. Venezuela holds an estimated 300+ billion barrels of proven crude reserves, yet production has fallen to about one million barrels per day after years of underinvestment, mismanagement, and sanctions. Analysts say investors need clear legal and contractual assurances before committing capital.
Read at Axios
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